H&M to shut Oldham town centre store amid plans to close 240 branches globally

H&M is set to close its Oldham town centre store at Spindles Shopping Centre on 6 February 2022.

The closure is part of the Swedish fashion retailer's plans to close 240 stores globally as it shifts more focus to its e-commerce business.

A H&M spokesperson said: "H&M Spindles Shopping Centre in Oldham will close on February 6. At H&M we continuously review our store portfolio, the decision to close this particular store was part of the long-term strategy to ensure we are offering our customers the best possible shopping experience in the right locations."

According to its full-year report, H&M group opened 104 new stores and closed 321 branches last year, resulting in a net decrease for the year of 217 stores as the company navigated the impact of the pandemic.

The fashion retailer added that it plans to open around 120 new stores and close around 240 stores in 2022, making a net decrease of around 120 stores. The majority of openings will be in growth markets, while the closures will mainly be in established markets

The retailer also becomes the latest brand to close its store in the shopping centre, following the closures of Debenhams and TJ Hughes during the COVID-19 pandemic.

Oldham council said it was supporting H&M staff affected by the closure.

A council spokesperson said: "Unfortunately, H&M confirmed publicly in 2020 that it would be closing 250 stores. We understand this decision will impact on a number of its town centre stores like Oldham, as their business model focuses on larger commercial stores, city centres and online sales."