H&M is poised to open its first five stores in Canada - its 19th market - following aggressive expansion in the Czech Republic, Italy, Poland and Portugal last year.
The first two shops will open in the Toronto area on March 11 and March 18, reportedly in the Fairview and Promenade shopping malls respectively.
The other three will follow in the autumn, including a flagship store in Toronto's Eaton Centre, along with outlets in Markville and Vaughan Mills shopping centres.
H&M marketing director for Canada Christian Bagnoud said that the new market offered great potential for the retailer, but was cautious about growth plans. He said: 'We don't want to go too fast. We want to open in Toronto, and listen to the needs of the local market. We'll have five stores this year, then we'll see.'
Next on the agenda is Greece, where H&M is understood to be planning to open at least one store in Thessaloniki by the end of 2004.
As Retail Week went to press, H&M was due to post figures for December, as well as results for the fourth quarter to November 30. Goldman Sachs analysts expected a sales increase of 6 per cent in December, compared with a 16 per cent surge a year earlier, because of the warm weather and 'indifferent women's fashions'.
Separately, H&M has signed a deal with Union Network International to promote workers' rights at all H&M workplaces.
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