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H&M - Lead
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The way people shop is changing, and it is affecting brick-and-mortar retail. Just last month Topshop announced its plans to shutter all of its U.S. stores and Payless officially closed all of its doors at the end of June. But H&M isn't going out without a fight.

The fast-fashion store recently announced a new loyalty program in hopes of capturing the attention of shoppers. Next fall, H&M is going to start letting customers in the U.S. take home clothes — from online and in store — with an option to pay for them a month later. It's kind of like a modern version of layaway, except in this case you can take your items home and wear them before paying off your balance.

"Shopping at H&M should be convenient, relevant and inspiring and we are happy to soon offer fashion fans in selected markets a whole new way of paying their fashion finds," says Daniel Claesson, Head of Business Development at H&M Group, in a statement. "Klarna has helped us develop an H&M-unique payment solution that offers our fans a truly modern shopping experience no matter where and how they choose to shop."

So how exactly does it work? H&M teamed up with fellow-Swedish financial company Klarna to make it all happen through the H&M app. Think of it as using a credit card. H&M will do a credit check when customers apply to use its pay later feature, which has already launched in H&M's home country of Sweden. There's a small fee for spreading payments out over several months, similar to paying interest. If customers pay their balance within 20 days, there's no fee at all. Would you try it?