LONDON (Alliance News) - Marks and Spencer Group PLC Monday outlined its investment plans for Asia this year, including modernising its stores in Hong Kong, and entering key cities in China including Beijing and Guangzhou.
The British retailer opened its first store in China in 2008 and its first Hong Kong store at the Ocean Centre shopping mall in May 1988. Now, M&S has 18 wholly-owned stores in Hong Kong.
The group said Monday that it plans to enter Beijing and Guangzhou this year and will continue to invest in its existing flagship store portfolio, including the complete modernisation of its flagship store on West Nanjing Road in Shanghai during the autumn.
However, M&S said that having reviewed the shape of its existing store portfolio, it has decided to close five of its supporting stores in the greater Shanghai region by August 2015.
The group also said it will close M&S Changzhou Wanda Plaza, Changzhou and M&S Wuxi Jiangyin Wanda Plaza, Wuxi, on Monday next week.
M&S said it will invest in modernising its stores in Hong Kong this year, and also expand its food store portfolio at convenient travel and city locations in Hong Kong.
The group said it will grow its presence in Macau with the opening of a new 1,000 square metre store at The Venetian Mall in November 2015. M&S opened its first store in Macau at the Cotai Strip Resorts Macao in August 2014.
"Last year, we reaffirmed our commitment to our Greater Chinese business and set out clear strategic plans. Today we can share more details of our continued investment across our priority markets of China, Hong Kong and Macau. This includes the modernisation of our flagship stores, entering new key cities, growing our Hong Kong Food store portfolio and expanding our reach across China through new sites on TMall.com and JD.com," said Patrick Bousquet-Chavanne, executive director of Marketing & International in Monday's statement.
M&S launched its online flagship store on TMall.com in January 2013 offering clothing and food products. This was followed by the launch of its wine E-shop on JD.com in May 2014.
M&S shares were up 1.0% at 509.50 pence Monday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Marks & Spencer (MKS)