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Exclusive: Cheap Monday to close only UK store

H&M group is closing the only UK store of its Cheap Monday fascia, Drapers can reveal.

The retailer opened the store at 39 Carnaby Street in London in February 2012.

Drapers understands the shop will close at the end of December.

Cheap Monday launched in 2004, and opened its first shop in Copenhagen in 2009.

A spokesman for Cheap Monday told Drapers: “When we started in 2004 the retail landscape was very different, with physical retail being the thing. The strategy was to have Cheap Monday stores in several cities. Nowadays we are focusing on our key markets and on our key wholesale partners.

“The team feels like the current store concept and roll-out strategy needs to be fully revised, as it is not satisfied with the sales development.”

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