H&M expands in Greece despite market conditionsTuesday, 03 July 2012
Despite the current market shake-up with the
euro and Greece, H&M is expanding in the Greek market, having just opened its 24th store.
While the Swedish conglomerate has said it is prepared for tough market conditions, it sees reason to be optimistic, having recently posted a 22.0% sales increase in the country in Q2, ending May 31, 2012.
Other retailers, however, are more cautious entering or even expanding in Greece. Unemployment in the country hit a record high earlier in June of 21.9%, resulting in low consumer confidence and even lower disposable incomes; thus, regardless of whether the country stays in the eurozone or reverts to the drachma, discretionary spending in Greece will be severely restricted for the foreseeable future.