H&M plans to open a store in Panama before the end of the year: it will be the first country in Central America to welcome the Swedish fashion giant.
No web shop
Current plans are to only open a physical store in Panama, and not to open a web shop. Press agency Reuters also learnt there are no current plans for stores in other countries in Central America, even though the chain is already present in North and South America.
The new store in Panama will be managed through a licence agreement with Hola Moda, which has "extensive retail experience and market knowhow", according to a H&M press release. "Central America holds great potential and we are looking forward to opening our first H&M store in Panama at the end of 2020", CEO Karl-Johan Persson said in the same statement.
H&M is currently active in 74 countries around the world, including Latin-American countries like Chile, Mexico, Peru and Uruguay.