“We can have many stores in Mexico,” said Daniel Kulle, North America president for Swedish retailer H&M, which opened its second largest store spanning over three levels of prime retail space, is located in Mexico’s largest shopping mall Centro Santa Fé in Mexico City.
The store spans 44,600 square feet and is the first of many in Mexico as the retailer hopes to open further stores in Autumn 2013.
An H&M spokeswoman said the firm is looking for new locations in Mexico and the store additions could be significant, depending on whether the right retail locations were found.
The Santa Fe store will contain the first in-store H&M Home shop in the world, the spokeswoman said, adding the space should be ready next spring.
H&M is launching one of the “most ambitious” introductory marketing campaigns in the world, and Mexico “will be a very important market for us, which we hope to penetrate fully”, added Kulle.
H&M’s is also targeting Chile as its next Latin-American market. The retailer plans to open a 34,000-square-foot store in the country’s capital of Santiago next spring, Kulle said. The store will be located in the Costanera Center shopping mall.
Kulle said H&M is actively looking at other expansion markets in Latin America.
He reiterated the chain plans to grow its retail presence by 10 to 15% a year as it continues to expand its global network of 2,600 stores.
Kulle also stated thar H&M’s main growth markets will continue to be China, the U.S. and Europe.