H&M limits cash payments to prevent Covid-19 spread

Monday 16 March 2020 14:13 CET | News

H&M has said it is limiting cash payments to certain tills as an additional precaution, in a bid to minimise the risk of the coronavirus spread, according to Retail Gazette.

The fast fashion retailer saw its second quarter sales take a hit due to the outbreak, despite group sales for the three months to February 29 reaching GBP 5 billion.

The negative impact was seen mainly in China, where the outbreak first began. Demand in the region dropped after January 23 “as a result of the rapid development of the virus”.

H&M posted signs outside stores to ensure customers were informed of its new policy in limiting cash transactions. All stores are now temporarily closed in Italy – the second worst affected country after China – and during the weekend all stores were also closed temporarily in Poland, Spain, the Czech Republic, Bulgaria, Belgium, France, and partly in Greece. Online trading will continue as usual.

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Keywords: h&M, retail, cash
Categories: Payments & Commerce
Countries: Europe
This article is part of category

Payments & Commerce