Marks & Spencer is a British retailer known for selling high-quality apparels and food items. (Photo : commons.wikimedia.org)
Marks & Spencer intends to hasten its Chinese market expansion strategies by opening new stores in 2015 and 2016 in key areas in Beijing and Guangzhou.
The British retailer plans to focus on investing in first-tier cities after struggling to secure a stable share in the market in second- and third-tier cities.
The retailer clarified that it has the intention to continue investing in some of its existing stores, citing the nearly complete modernization project of its branch in West Nanjing Road, Shanghai, this autumn.
However, the company has recently announced its decision to still close five of its stores in Shanghai as well as in nearby areas come August this year.
On Monday, it is set to close its outlets in Wuxi and in Chanzhou in Jiangsu Province.
Along with its shift in expansion strategies, Marks & Spencer's head office resource structure has also been reformed in lieu of the retailer's change in growth plans.
The store first landed on Chinese soil back in 2008. It is regarded as one of the world leaders when it comes to retailing. It has over 840 outlets in the United Kingdom and more than 480 across the globe.
In Jan. 2013, the company ventured in Chinese online market by opening stores on Tmall.com. In May 2014, it has launched an e-shop on JD.com. The e-shop has helped increase the store's Tmall.com sales by about 200 percent last year.
Earlier this year, the British firm has also opened a new kidswear store on Tmall.com. It mainly focused on selling clothing and food items for the past years.
