12 November 2022, Mumbai:
Marks & Spencer is planning large format stores in Tier I cities across India. These will be 15,000 sqft and will showcase the entire M&S catalogue ranging from apparel to beauty and home.
The plan is to set up at least one store every month across the country.The company is also undertaking a digital expansion drive as it expects to generate nearly one-third of its business from online channels.Marks & Spencer generates a quarter of its revenues from online including its own website, app and markets like Ajio, Myntra, Amazon and Zivame. Besides retail store expansion, the retailer would further push its digital presence and upscale product categories to suit the taste of local Indian customers. The target is to achieve up to one-third of business through online means.
Marks & Spencer, one of UK's leading retailers, entered India in 2001. The company entered into a joint venture with Reliance Retail to form Marks & Spencer Reliance India in 2008. It presently runs 95 stores across 35 cities in India.Marks & Spencer is changing its strategy to cater to the millennial Indian crowd. Starting price points have become affordable. While the clothes are being designed in the UK, the retailer has shifted most of the sourcing to be done in India and Bangladesh.
