Belonging to the subsidiary of the Kuwaiti franchise giant Al Shaya, the two brands, would have borne the brunt of the strong boycott campaign targeting the Western brands and stores that shared "apologetic" posts about the Israeli war on Gaza.
Stores of Starbucks and H&M will close permanently in Morocco before the end of 2023
Stores of Starbucks and H&M will close permanently in Morocco before the end of 2023 due to low demand tied to the ongoing boycott campaign against the companies, reported local Media Maroc Hebdo.
"According to reliable information, two major global brands, notably the Swedish ready-to-wear brand, H&M and the prestigious American coffee chain, Starbucks, will leave Morocco from 15 December," wrote the Moroccan publication.
The announcement has reportedly created an atmosphere of "anxiety within the economic circles in Casablanca," as both brands employed hundreds of Moroccans.
Speaking to several employees in the companies' stores said they are not in the loop of the alleged reports but are aware that the stores are financially struggling due to a lack of demand.
"It will be a disaster, we are over 100 employees. Where will we go after? Hopefully, the reports are not true," said a worker in a Starbucks store in Morocco to The New Arab.
Starbucks has 18 locations in Morocco, while H&M has only opened four stores in the North African state so far.
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Egyptian Minister of Foreign Affairs, Badr Abdelatty, met on Wednesday with UAE Deputy Prime Minister and Foreign Minister, Sheikh Abdullah bin Zayed Al Nahyan, to discuss ways to enhance cooperation across political, economic, investment, and trade sectors.
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