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H&M to open first SA store in 2015

29 Aug 2013

Joining a slew of foreign players hoping to tap into the continent's mushrooming middle class‚ Swedish cheap 'n chic fashion giant H&M will open its first store in SA‚ in 2015‚ the company officially announced on 29 August 2013.

Companies including Walmart‚ Inditex's Zara and Arcadia Group's Topshop have already made a play for Africa‚ through SA.

Africa‚ whose top 18 cities could have a combined spending power of US$1.3-trillion (about R13-trillion)‚ presents a compelling investment case for retailers.

"We see great potential for further expansion in this region. We look forward to bringing fashion and quality at the best price to the customers in SA‚" said H&M CEO Karl-Johan Persson.

H&M's only other stores on the continent are in Egypt and Morocco.

It is believed that the group's store first store in SA will be located in Johannesburg at the R3.5bn Mall of Africa‚ which is being developed by Atterbury. The mall‚ which is being built in Midrand is SA's largest single-phase shopping mall development and is being financed by Nedbank Corporate Property Finance.

H&M is also looking at opening an outlet in Cape Town.

"The first store that opens will be a full-concept flagship store‚" the company said.

Zara opened its doors in SA in late 2011. UK high street fashion retailer Topshop launched in 2012.

Australian retailer Cotton On Group is also expanding the presence of its brands Typo and Factorie in SA.

Local companies Foschini‚ Woolworths and Truworths are streamlining their sourcing and speed-to-market efficiencies in the face of new market entrants.

Source: Business Day

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