The Swedish fast fast-fashion chain Hennes & Mauritz AB (H&M), has defied conventional thinking and opened a new store in Panama in the midst of an economic downturn brought on by the global pandemic.
The 2,200 square-meter store opened its doors Saturday, September 4 at the Multiplaza shopping center and it has a logistics center in Panama Pacifico
Jaime Sampol, general manager of Hola Moda, the franchise that exclusively manages the H&M brand for Central America, said that after evaluating several markets in the expansion plan, they decided to bet on Panama as a leading country for its privileged geographical location, potential for economic growth and great commercial boost in the region.
Through the regional logistics center, H&M will handle all the procurement of orders and supply of clothing, footwear, and accessories that will arrive directly from its factories in China and Germany other centers.
So far the opening has created up to 90 jobs Sampol said, indicating that the expectations are to continue growing with the hiring of more personnel.
H&M is present in Panama through Hola Moda, a Panamanian company, created for the exclusive purpose of managing the H&M store franchise in Central America, constituted and operated by a group of local investors, with experience in retail sales and management of international marks