Swedish multinational clothing store H&M Hennes & Mauritz AB (H&M) opened its first store in Costa Rica this Saturday, August 20, specifically in Multiplaza Escazú, with a plan keep prices Offered in the United States.
H&M representative in Costa Rica: “We will keep pace with US prices.”
“In Costa Rica, we will be treating the same prices as in the US, only with 13% VAT included,” said Marisol Fernandez, Country Director for Costa Rica and Guatemala at H&M. Nation.
Along the same lines, Jaime Sambol, general manager of Hola Moda SA (the company responsible for the H&M franchise in Central America), said recently EF H&M’s practice is to get similar rates. “In this case we will have very competitive prices,” he added.
The prices of the products will be determined according to the current exchange rate. The general manager of Hola Moda stated that “clothing is already priced at its origin, in some cases we will win, in others we will lose, but we know that the exchange rate fluctuates quite a bit in Costa Rica.”
The exchange rate has fallen more than twenty colones in ten days, is this a good time to buy?
Our business idea or value added is to get fashion and quality at affordable prices and in a very sustainable way.
– Jaime Sambol, General Manager of Hula Moda
In May 2022, H&M announced that the brand’s collections will be sold in the Multiplaza Escazú store, which includes a wide range of options for women, men, teens, children and the home, since it also houses the H&M Home division.
According to Sambol, the popular brand will introduce new products to Costa Rica weekly, so customers will see “something new” every week. “We will have a good sales margin,” he commented.
For its part, the press release issued by Hola Moda, Saturday 20 August, stated that more than 1,000 people waited in line to get in first when the store opened.
The first person got a 175,000 yen gift card, the second got 140,000 yen, the third got 100,000 yen, and the next 100 customers got a 35,000 yen gift card.
“Bringing fashion and quality at the best prices to a new city is always a source of joy, but the reception we have received in Costa Rica has exceeded all of our expectations,” said Hola Moda General Manager. According to the statement issued by this company.