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, there’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.