Alshaya Kuwaiti Company made a significant announcement yesterday, marking the end of an era for the popular H&M stores in Egypt. After 18 years of successful operation, the company has decided to permanently close a substantial chain of H&M outlets across the country.

This decision, disclosed on Wednesday, February 28, 2024, comes as a surprise to many loyal customers and employees alike. The closure will affect numerous branches of H&M, a globally recognized fashion brand that has left an indelible mark on the Egyptian retail landscape.

Employees at H&M outlets confirmed that marks the final working day for these branches, with exceptions made only for those located within commercial malls. The move follows a strategic decision by the Kuwaiti Alshaya Company, the brand’s owner, to liquidate a select group of stores earlier this year.

In addition to the closure of H&M branches, Alshaya announced the cessation of operations for several other well-known brands in Egypt, including Claire’s, Debenhams, Mothercare, The Body Shop, and Pinkberry. The company also revealed plans to reduce the number of American Eagle, Bath & Body Works, H&M, and Victoria’s Secret stores in response to changing market dynamics.

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The decision to shutter these stores was not taken lightly. Alshaya cited the challenging economic conditions prevailing in Egypt over the past three years as the primary reason behind the closures. Factors such as reduced consumer spending, escalating production costs due to high interest rates and inflation, currency fluctuations, and dollar shortages have collectively contributed to this difficult decision.

While this news may come as a disappointment to many, it underscores the harsh realities facing businesses in today’s economic climate. Nonetheless, Alshaya remains committed to serving its customers and adapting to evolving market conditions as it navigates the changing retail landscape in Egypt and beyond.