LyrArc Article Gist
Spain's global retail chain Zara will close 1200 stores or 16% of its outlets worldwide, as it shifts to selling more online. Zara says it will close smaller stores or stores where sales can be shifted to online. Spain says it will spend 1 billion euros on digital investments over 3 years. Inditex the company running Zara stores is known for its quick design and sourcing process which is done close to its Spanish headquarters.
About 78% of Inditex stores are now open, and sales which were down by 51% in May are now down 34%. For Inditex online has done well, up 50% for the quarter and up 95% in May over April.
Spain's global retail chain Zara will close 1200 stores or 16% of its outlets worldwide, as it shifts to selling more online. Zara says it will close smaller stores or stores where sales can be shifted to online. Spain says it will spend 1 billion euros on digital investments over 3 years. Inditex the company running Zara stores is known for its quick design and sourcing process which is done close to its Spanish headquarters.
About 78% of Inditex stores are now open, and sales which were down by 51% in May are now down 34%. For Inditex online has done well, up 50% for the quarter and up 95% in May over April.
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Original article 4 minutes, gist 1 minute
Original article 4 minutes, gist 1 minute
