British retailer Marks & Spencer (M&S) plans to enter Vietnam.
M&S is to open a 1200 sqm flagship store at Vincom Center in Dong Khoi, District 1 in Ho Chi Minh City this summer, offering products across womenswear, menswear and lingerie as well as accessories, footwear and sleepwear.
The store will be operated by its long term franchise partner Central Group of Thailand, which plans to open 20 stores in Vietnam by 2020.
“Growing our business with leading franchise partners like Central Group is an important part of our international growth strategy. With access to prime locations at key shopping malls across Vietnam and unrivalled local knowledge, Central Group is the ideal partner for us to open our new stores across the country,” said Bruce Findlay, regional director for Asia at Marks & Spencer.
Tos Chirativat, CEO of Central Group, added: “With 90 million residents, over 60 per cent of which have a high purchasing power, Vietnam is an exciting market with high growth potential and is an excellent destination for investors in the retail sector.
“Additionally, the influx of foreign investors into Vietnam, aimed at supporting market expansion in Southeast Asia, is driving strong growth in Vietnam’s economy, leading to a positive spending pattern among target consumers over the past couple of years.”
