The Swedish retail clothing company H&M will be opening two stores in Iceland, one in the Smáralind shopping mall in Kópavogur, the other one in downtown Reykjavík, in 2017 and 2018. The retail giant has signed an agreement with the real estate company Reginn hf. to rent the two locations.
The British clothing store Debenhams will be closing in Smáralind, because a rental agreement couldn’t be reached, but Helgi S. Gunnarsson, CEO of Reginn hf., wouldn’t confirm with RÚV that H&M will take their place. Fréttablaðið recently reported that Debenhams would close its store in Smáralind by May of next year after 15 years in business. The space they currently rent is 3,200 square meters (34,500 square feet)on two floors.
“We’ve been working on this project for a long time, and we’re delighted that we succeeded,” Helgi told mbl.is. He continued, “We think this will be a huge change to the retail market in Iceland. This is among the strongest companies in the world in this market, and, as we know, they offer clothes at very reasonable prices. We think it can affect pricing greatly.”