The group Marks & Spencer, one of the world biggest clothing retailers, is planning to reinforce its presence in Saudi Arabia wherein it mulls opening 10 stores over the next two years, besides the two outlets already operating in the oil-rich Gulf monarchy.
The British group management is planning to double the number of its international stores as part of its expansion strategy. It says it is planning to grow its overseas profits by 40 pc over the next three years with the opening of 250 stores.
M&S chief executive Marc Bolland pledges to transform the group into a global “multi-channel” retailer reaching customers through stores, the Internet and mobile devices.
However, international expansion is not risk-free as experiences showed with many other retailers. M&S has posted 10 straight quarters of dropping sales and pins high hopes on growth overseas to bring some relief as it faces tough competition in UK.
In total, M&S plans to open 250 stores to add to the 455 already in operation. Around 60 percent of the new outlets will be run as franchise outlets and will be supported by smaller food stores and an online service. It will target mainly the markets of Russia, China, India and the Middle East.
In Western Europe, M&S plans to open stores in Brussels and Amsterdam, to add to its outlets already open in Paris and The Hague. Last year, the retailer group international revenue exceeded 1.2 billion euros.
Saudi Arabia to Have More M&S Stores
