H&M to shrink Australian footprint

H&M is preparing to shrink its Australian retail footprint.

Two stores are on the line according to reports: Rockhampton and Townsville, both in Queensland.

Three to five more are rumoured will close this year: Bondi Junction (NSW), Chirnside Park (Vic), Kotara (NSW) and Warringah Mall (NSW) have been speculated at-risk.

The Swedish company closed a Chatswood, Sydney, outlet in January.

Last year it announced it would shut 250 shops from its global network of 5000 (story continues below).

H&M arrived in Australia seven years ago with a multi-level store at Melbourne’s historic GPO.

It now trades from every state except Northern Territory and employs 1300 people.

If it closes the above seven stores, thereā€™d be 42 in Australia.

The retailer recently launched an online platform expected to account for a greater share of its revenue following the bricks-and-mortar closures.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.