Latin America Business News
H&M begins its Latin American Expansion in Mexico
Photo: H&M will begin its expansion in Latin America with Mexico as its first country.
H&M, the national retail-company, is taking its first steps towards expansion in Latin America by opening its first location in Mexico City’s Centro Santa Fe mall say reports.
Currently the company has 2,500 stores in 44 countries, and this new leap into the Latino market will become one of H&M’s largest outlets.
The Sante Fe mall is known for being one of the largest in Mexico, as well as for its over 300 shops and other upscale retailers such as Saks Fifth Avenue.
The companies push is to be as successful as it was when it first opened its doors in the U.S. over a decade ago. In 2000, it opened its first store in New York City on Fifth Avenue landing a rapid expansion across the country. As of now, the retailer has over 200 stores in over 30 states throughout the United States. Although 2011 didn’t yield as many profits due to the rising cost of goods, they plan to open another 275 stores.
Besides Latin America, the company is setting its eyes on opening stores in Bulgaria, Latvia, Malaysia, and Thailand in 2012. Latin America, however, has the ripest market poised for growth while Europe is undergoing debt crisis. Countries like Brazil are growing and so is their luxury market, which will help the retailer tap the luxury market and into a higher fashion frontier.