Marks & Spencer opens in Shanghai
Marks & Spencer has opened its first store in mainland China with hopes that it might lift flagging results. As the flagship store opened on West Nanjing Road, Shanghai’s premier shopping street, the UK retailer reported its worst performance for three years with like-for-like UK sales down by over six per cent over the last three months.
In Shanghai prospects looked good as customers queued to enter the 3,700 square meter store which trades over four floors in the renovated Wings department store. This is the company's largest store in Asia selling a wide range of fashion and home products plus, with 1,000 lines, the widest range of food in any of the M&S international stores, including traditional British products such as Yorkshire puddings and custard creams.
“We see China as an exciting long-term opportunity and the Shanghai store is our first step into a market that has real potential," said Richard Sweet, managing director, Marks & Spencer China.
The UK retailer already has ten stores in Hong Kong where 30 per cent of its customers come from mainland China.
The Shanghai opening is part of Marks & Spencer’s plans to grow its international business to 15-20 per cent of Group revenues within the next few years. It already has 290 store in 40 countries and plans to open 50 stores in Greece and Balkans in partnership with Marinopoulos; 30 new stores in Central and Eastern Europe in partnership with COMS ; and 50 new stores in India over the next five years in partnership with Reliance Retail.
In keeping with Plan A, Marks & Spencer’s 100-point eco-plan, the Shanghai store has been renovated to include environmentally friendly wall paneling; water saving toilets; energy efficient lighting and double glazed curtain walls to help insulate the building.
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