NEW YORK — For Hennes & Mauritz, it’s no longer quite the cakewalk.

As a new millennium dawned, developers eagerly served up leases and shoppers crammed the stores on opening days. Now, however, H&M — with a newmanager overseeing its U.S. business — has less heady growth objectives, as its three-year-old U.S. expansion progresses and hurdles arise.

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