British Marks & Spencer aims to take huge expansion steps outside of its home market, with 250 new stores in total to achieve an international turnover increase of 25 %.
Double the number of international stores
CEO Mark Bolland has revealed during an investors' call that he wants to increase international turnover by 25 % over the next few years, while international profit should soar 40 %. To achieve that goal, Marks & Spencer wants to open up to 250 stores abroad.
These stores will mainly be located in Western Europe, India and the Middle East, with 20 food stores in Paris and more Marks & Spencer Lingerie and Beauty stores. By 2016, the chain aims to have 100 Indian stores.
Currently Marks & Spencer has 455 stores outside of the UK, over a hundred more than when Bolland took command of the chain. If the additional 250 stores are built, then the number of foreign Marks & Spencer stores will have doubled under his reign.
The company struggles in China however and it will probably seek out a local partner to continue its Chinese growth afterwards. It is unclear whether Marks & Spencer will create a joint venture or whether it will allow franchise stores, but in all probability a number of existing stores will be closed or relocate as well.