ZARA will close all stores around the world

According to Japan’s TBS News, Inditex, the parent company of Spanish fashion brand ZARA, said that due to the impact of the spread of the global new crown epidemic, its financial report revenue in the first quarter of 2020 decreased compared with the same period in 2019. 44%, with a total loss of 409 million euros, mainly due to the impact of the COVID-19 epidemic, when governments announced the suspension of outdoor activities and the closure of stores. At this time, ZARA announced that it plans to close 1,200 stores around the world and will actively shift to online shopping in the future to reduce personnel and operating costs.

In view of the serious impact of the epidemic on physical store business activities, ZARA stated that it will strengthen online shopping sales and reorganize and integrate existing stores around the world; there are currently 7,400 stores worldwide Among all stores, 1,200 business stores around the world are scheduled to be closed. It is reported that the above-mentioned planned store closure targets are mainly small stores. Whether stores in Japan are included is still unclear.

With a focus on e-commerce sales in the future, ZARA plans to invest 27 billion euros and is set to make online e-commerce sales account for all by 2022. 25% of total turnover is the target. On the other hand, online shopping sales in April 2020 increased significantly by 95% compared with the same period last year.

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