H&M Plans First Store in S. Korea

Stockholm, Sweden H&M Co. reported Wednesday that it plans to open its first store in South Korea by spring 2010.

The store, which will span approximately 2,600 sq. meters, will be located in Myungdong, Seoul. The retailer is also negotiating contracts to open additional stores in the Seoul marketplace.

“We have had positive experiences from our establishments in Japan, Hong Kong and China and see South Korea as a natural consecutive step,” says Rolf Eriksen, CEO, H&M. “South Korea has 49 million inhabitants, of which 23 million in the Seoul area, and these consumers have a great interest in fashion and purchasing power.”

As the chain prepares for the addition, it is currently carrying out plans to open 225 stores globally during 2009.