Image default
Greek News

Zara to close 1,200 stores worldwide

Zara owner Inditex said it is permanently closing as many as 1,200 stores – 16 per cent of it’s outlets worldwide – as the world’s largest fashion retailer moves to boost online sales after posting its first-ever loss due to the Covid-19 pandemic.

The closures are expected to be concentrated in Asia and Europe, and affect mainly smaller stores and Inditex brands other than Zara, such as Pull&Bear, Oysho and Stradivarius, the Spanish company said on Wednesday (June 10). The aim is to transfer their profit contributions to bigger shops or online.

Inditex has already been closing smaller outlets, while opening a few larger stores. This will accelerate over the next two years as the Spanish company doubles down on e-commerce, investing 1 billion euros (SGD 1.58 billion) on its online platform over the next three years.

It is also spending 1.7 billion euros on upgrading its stores and further integrating them with its digital platform. Larger stores will become distribution hubs for online sales, as well as places that customers can browse and buy products.

source straitstimes.com

Σχετικα αρθρα

Visit of Prime Minister Kyriakos Mitsotakis to TeamViewer in Ioannina

admin

Where the Rich Park Their Money (infographic)

admin

Pandemic-Fueled Bicycle Boom Coasts Into 2021 (infographic)

admin

Norway not ready to let go of oil, gas in push for greener energy

admin

Greek exports to Saudi Arabia up by 107%

admin

Where Investors Earned The Most From Bitcoin In 2020 (infographic)

admin

Greece: The application that shows the zone prices for each property is now available

admin

Greek economy: The book of offers for the new 10-year bond has opened

admin

Greece: Huge subsidy for the acquisition of electric taxis

admin

Global Corporation Tax Levels In Perspective (infographic)

admin

To the Moon! And Back? (infographic)

admin

Fair market value up by 40% on property prices

admin