H&M Closes Shanghai Flagship Store

H&M Closes Shanghai Flagship Store

H&M shut down its flagship store in Shanghai, the latest sign of the impact of Beijing’s strict zero-COVID policy on the business of international fast-fashion retailers. After two months of lockdown, the epicenter of Shanghai finally reopened; however, traffic in the city’s shopping centers remained low. The store was opened earlier this month, but now, this three-story store in downtown Shanghai is boarded up, and its H&M sign is gone, accordi…