Big things are happening in China right now. Not only is it Fashion Week in Beijing with Chinese designers showing their S/S 2012 collections, fast fashion retailer H&M is scouting more Chinese locations for expansion. H&M, which entered China in 2007, has 64 stores there, out of a total of 2,410 world-wide, and they want more. With their fashion counterparts sharing space in Beijing and Shanghai, H&M plans to expand its existing store space in these cities. And that's not all. The Swedish retailer is planning its move into some of the smaller cities in mainland China. CEO Karl-Johan Persson says: "We have entered cities like Changchun, Nanjing, Guangzhou and Kunming, and are planning to open stores in several cities next year."
Turns out, H&M isn't the only one eyeing new real estate. Zara and Uniqlo, two other fast fashion retailers, are looking to expand, as well. The intensive expansion within Asia is certainly a result of the slow growth of the US and European economies, as well as an ode to the buying power of the Chinese, in particular.