The UK retailer recently said it will concentrate on growing international revenues by 25% and international profits by 40%.
It will grow its presence in existing markets and drive 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.
It plans to expand its food business in Western Europe by opening standalone food stores in Paris over the next three years, and rolling out fresh food in Europe through its franchise partnerships.
“Our strategy of becoming an international, multi-channel retailer is more relevant than ever before because of the strong growth potential of international markets,” said Marc Bolland, M&S chief executive. “We are focusing on flagship stores to deliver brand presence and standout. We also see great opportunities in fresh food and lingerie & beauty concepts.”
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