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| Edited By: Shailaja Sharma |Source: DNA |Updated: Mar 30, 2018, 03:26 AM IST
Marks & Spencer is looking to open 50 large-format stores in 24 cities in India in 3 years, Martin Jones, CEO, Marks & Spencer Reliance India Ltd said.
A majority of these stores are going to be 20,000 sq ft in size, and stock apparel, footwear, lingerie, handbags, accessories and beauty products.
The only category that Marks & Spencer is not present in India is food. Jones said if FDI in the retail sector is permitted, the US-based retail chain will look at launching food as well in India.
“Compared to our 160,000 sq ft store size in the UK, the 20,000 sq ft format will be very viable for India. We are focusing on opening more of large format stores,” Jones said.
Marks & Spencer currently operates 18 stores in India, most of which are small.
When the company entered India 10 years ago, it was through a franchisee model that required importing products, which made products expensive.
The retailer then moved out of franchising and forged a joint venture with Reliance Retail.
“We are now sourcing our products locally in India, which has brought down prices,” Jones said.
