Discount fashion house H&M (Hennes & Mauritz) is fairing current economic downturn, the worst in decades, quite well. After declaring an increase of 14% in profit for the fourth quarter of 2008 and record breaking sales rate at its 2 newly opened flagships in Tokyo, the most successful openings in the label's history. H&M formally announced plans to open its first store in South Korea. To be located in Myungdong neighborhood of Seoul, the storefront will encompass around 2,600 square meter, or about 28,000 square feet, of retail space. Construction on the store will start later this year with scheduled opening day around Spring 2010. In addition, H&M is going ahead with an ambitious agenda of opening 225 new store globally by the end of 2009.