M&S shake-up sees retailer shut five China stores

Marks & Spencer is to close five stores in China and shrink its Shanghai head office as part of a strategic shake-up, the retailer said yesterday.
By The Newsroom
Published 2nd Mar 2015, 13:14 BST

M&S set out details of its plans, first outlined last year, which will see 60 jobs cut and the total number of sites in China fall from 15 to 10. But the retailer aims to return to 15 stores over time starting with a “firm intent” to enter key cities such as Beijing and Guangzhou from the 2015/16 financial year which starts next month.

M&S said: “As announced in April 2014, Marks & Spencer has reviewed the shape of its existing store portfolio to ensure it’s best aligned with its strategic growth plans.

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“As a result, Marks & Spencer has taken the decision to close five of its supporting stores in the greater Shanghai region by August 2015.”

The retailer said it would continue to invest in existing flagship stores with plans for the complete modernisation of its central store in Shanghai this autumn.

Marks’s new strategy in China involves focusing on central locations in the larger cities as well as strengthening its web presence.

Related topics:ChinaM&S