A global fashion retailer that has dotted the mainland with stores over the last decade is finally making its way to Hawaii.

H&M, a Swedish company also known as Hennes & Mauritz, said it will open a store in Waikiki on the corner of Kalakaua and Seaside avenues occupying three levels in the Waikiki Business Plaza.

The store is projected to open early next year, though the timing depends on factors that could move opening ahead or back.

"The U.S. is one of the largest expansion markets for the company worldwide, and we are thrilled to begin 2014 with such an important new store in Honolulu," Daniel Kulle, H&M’s U.S. division president, said in a statement.

More H&M stores are anticipated to follow around the state if suitable locations can be found, according to company spokeswoman Nicole Christie.

"The intention is to open more stores where we see potential," she said. "We definitely see potential in Hawaii. We see that market as strong given the mix of both local and tourist traffic."

H&M, which is Europe’s second-largest clothing retailer, has been aggressively opening new stores on the mainland since 2000, and had 269 stores in 33 states at the end of last year.

The number of U.S. stores ranks second only to Germany with 406 stores. By comparison, H&M has 226 stores in the United Kingdom, where it has operated since the 1970s.

Worldwide, H&M has roughly 2,800 stores in 48 markets from Chile to Russia. Sales revenue last year totaled about $22 billion.

Local real estate and retail analyst Stephany Sofos said it’s no surprise that such a major retailer would try to enter a market where tourists and a relatively captive resident population help give many retailers their top-grossing stores.

"You have a captive market," she said. "You have the burger-and-beer set as well as the champagne-and-sushi set."

H&M was founded in Sweden in 1947, and sells fashion apparel and accessories for men, women and children from independent suppliers as well as 140 in-house designers creating collections under brands H&M, COS, Monki, Weekday, Cheap Monday and & Other Stories.

The retailer features affordable to luxury lines and also has produced celebrity branded merchandise including an underwear collection affiliated with soccer star David Beckham and clothing created in collaboration with singer Madonna.

H&M said its Waikiki store will feature a collection offerings for ladies, men, young ladies, young men and "store within store" sections for accessories, lingerie, maternity and sports apparel.

The Waikiki store is designed with 31,000 square feet of space, which is larger than H&M’s average full-line store around 25,000 square feet. A typical store employs about 80 people.