Marks & Spencer has revealed plans for further international expansion with a focus on opening 250 new stores, growing its food business and increasing its franchise operations.
The retailer made the announcement at its investor seminar in Paris yesterday (1 April). In a series of presentations from the senior M&S team and Al-Futtaim, one of the company’s key franchise partners, it revealed that, over the next three years it will concentrate on growing International revenues by 25% and International profits by 40%.
It plans to achieve this by increasing its presence in existing markets and driving business in its priority markets of India, China, Russia, the Middle East and Western Europe. The company will also expand internationally with a ‘bricks & clicks’ approach by establishing flagship stores in key cities supported M&S Food stores and a full online offer.
In addition, it will expand its Food business in Western Europe by opening around 20 standalone Food stores in Paris over the next three years and rolling out fresh food in Europe through its franchise partnerships.
Marc Bolland, chief executive of M&S, said: “Our strategy of becoming an International, Multi-channel retailer is more relevant than ever before because of the strong growth potential of International markets. We are focusing on Flagship stores to deliver brand presence and stand-out.”
M&S executive director of food, Steve Rowe, added: “M&S Food is in much demand globally... We’re putting M&S Food on the map over the next five years. Western Europe is our focus and finding the right partners and locations is vital to the success of our plan to have the optimal Food store portfolio in this time.”