Marks & Spencer (M&S), a prominent British retailer, is setting its sights on India as a top priority market for expansion. With a strategic approach, M&S has been steadily increasing its presence in India by opening one store per month. Currently, India stands as the company’s largest international market outside the United Kingdom.
M&S entered the Indian market through a joint venture with Mukesh Ambani, a well-known business conglomerate in India. Their expansion strategy reflects a long-term commitment to the Indian market. They recently celebrated the opening of their 100th store in Mumbai’s Linking Road, a testament to their continued growth over the past 15 years.
Ritesh Mishra, the Managing Director of M&S India, underscores the brand’s footprint in 36 cities across the country. M&S sees ample opportunities for further expansion by strategically securing real estate, targeting prime mall locations, and identifying suitable venues to enhance its retail presence in India.
One of the key objectives of M&S’s expansion plan is to increase its retail space from the current 1.1 million square feet to 1.4 million square feet by the end of 2023. This substantial growth in retail space demonstrates the company’s confidence in the Indian market’s potential and its dedication to serving a broader customer base.
As part of its global strategy, M&S has been focusing on capturing the attention of younger consumers worldwide. To achieve this goal, they are revamping their stores, aiming to reinforce their physical presence and offer high-quality merchandise. This strategy is in response to increasing competition from brands like Levi’s, Uniqlo, and Celio, which have gained popularity for offering functional basics, distinguishing themselves from contemporary fast-fashion rivals.
In India, one of the challenges M&S faces is the perception among cost-conscious shoppers. Some Indian consumers view M&S as a relatively expensive option compared to local brands such as Zudio and global fast-fashion labels like Zara and H&M. However, in recent years, India has witnessed the growing presence of major global apparel brands targeting young consumers who increasingly prefer Western-style clothing.
M&S recognizes that women make a significant contribution to its revenue, with a majority of sales occurring during the winter months. This insight underscores their efforts to cater to Indian consumers’ preferences and align their product offerings with seasonal demand.
Overall, M&S’s commitment to expanding in India, with a focus on strategically chosen locations and a well-thought-out store expansion plan, reflects the brand’s intent to solidify its position in one of the world’s most dynamic and competitive retail markets. Their approach emphasizes adaptation to local consumer sentiments while maintaining their core principles of quality and style.
