Marks & Spencer India plans six stores in 60 days
Marks & Spencer India has announced plans to open six more locations within the next two months.
The UK-headquartered department store, which operates a joint venture in the territory with local retailer Reliance, runs 71 stores across 30 Indian cities.
“India has become increasingly an important market for us”, said Marks & Spencer Reliance India MD James Munson. “We are now the largest market for M&S outside of its home market. We are 71 stores today and we continue to invest in this market. We opened nine stores in the last six months and it is our intention to open six more in the next 60 days.”
Half of the stores scheduled to open within the specified period will be standalone beauty and lingerie stores, as are 10 of the firm’s existing local outlets.
Munson indicated that Marks & Spencer India’s expansion pace is expected to continue over the next year.
The firm has expanded at a CAGR of 24 per cent over the past five years, and reported a 9 per cent growth in the same store sales last year.