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H&M closes Shanghai flagship store

CNA – H&M shut its flagship Shanghai store, its latest closure in China where consumer demand slumped amid COVID-19 lockdowns.

Although it was open earlier this month, the three-storey building in downtown Shanghai was on Friday boarded up with its H&M signage gone.

The world’s second-biggest fast-fashion retailer entered China in 2007 with the opening of the Shanghai flagship store and rapidly expanded.

It had over 500 stores in mainland China early last year but its website currently only lists 376, including the flagship Shanghai store.

The company declined to comment, citing a blackout period prior to its first-half earnings report on June 29.

Although nearly a month has passed since Shanghai lifted a strict two-month lockdown, consumers have yet to return to malls in significant numbers.

A woman walks past a closed H&M flagship store in Shanghai. PHOTO: CNA