Stockholm-based H&M Hennes & Mauritz AB (H&M) plans to shutter its first store in Hong Kong and move to another location, according to www.wwd.com. The decision to move is the result of a dramatic increase in the city’s commercial rent prices. The retailer opened the flagship store in 2007, and now has 80 stores in China, including 12 locations in the city. Inditex’s Zara is expected to move into the vacated location and will reportedly pay double what H&M was paying to rent the 30,0000-sq.-ft. space.
