New York City Marks & Spencer Group, the United Kingdom’s largest clothing retailer, said it will expand in China, India and eastern Europe, close more than 100 British warehouses and consider selling food online, according to Bloomberg News. The retailer has struggled with two years of declining domestic sales.
“It’s about laying the foundations for future growth,” by becoming more “customer-focused, multichannel and international,” finance director Ian Dyson said at a meeting with investors that was broadcast on the retailer’s Web site, according to the report.
The retailer said it plans to add 50 locations in India to its 15 stores in the country through its joint venture with Reliance Industries, while expansion in China will focus on 12 cities from the current single store in Shanghai. M&S will also grow its franchises in Russia, add to its joint ventures in eastern Europe including Serbia, Croatia, the Czech Republic and Poland, the report said.