Zara closes over 1000 stores worldwide
Well known Spanish fashion retailer, Zara is closing most of its stores across the globe.
Zara is one of many fashion brands that had to close business due to the ongoing Covid-19 pandemic.
The retailer's parent company, Inditex, announced its plans to shut down between 1 000 and 1 200 stores over the next two years, and focus on online sales.
“Over the next few years, Inditex will be very active in developing its unique, fully integrated store and online model. Total annual capital expenditure during the period 2020-2022 will be around €900 million. The plan includes digital investments of c. €1 billion over the three years.
“Three key strategic areas: digitalisation, integration between stores and online, and sustainability. Stores will play a stronger role in the development of online sales due to their digitalisation and capacity to reach customers from the best locations worldwide.
"It is for this reason that we must focus on those high-quality stores that are best able to deliver on these long-term strategic goals. The strong growth of online supports our global strategy from 2010. Online sales are expected to reach more than 25% of total sales by 2022,” read the statement.
It is still uncertain if Zara stores in South Africa will also be affected by people are already having a meltdown.
Why is Zara closing man😭😭😭first Top Shop now Zara😭😭😭so we can’t be boujee on a budget? 😭😭😭😭— 𝔐𝔦𝔫𝔞𝔧’𝔰 𝔅𝔞𝔡𝔤𝔶𝔞𝔩𝔡𝔞𝔫𝔦𝔢 👸🏾🍒 (@congolesejawn) June 16, 2020
This Zara closing chat can’t be true 😭😭💔— HELANG (@itsTodiii) June 15, 2020
If Zara closes i’m not sure what i’m actually going to wear hey— Bashiri 🕊 (@BashVision) June 16, 2020