Marks & Spencer is rumoured to be opening 150 new stores overseas as part of an ambitious expansion which will take the number of its international outlets to more than 350.
At the company’s annual profits announcement, Stuart Rose, the chain’s chief executive, indicated the opening of around 30 new stores overseas, but a Guardian report said the retailer had 150 new overseas stores planned as part of a programme that will see it opening an overseas store every week for the next three years.
It is thought that most of the new stores will be franchised, although some will still be directly owned by the M&S, marking a new strategy for Rose, the Guardian said.
The new stores are planned several countries including India and Russia, where the retailer currently has nine and two stores respectively. It also has new stores opening in the Ukraine, the Baltic States, Bulgaria, Ireland and Dubai this summer.
Some of the new outlets could include food. According to the Guardian, the retailer was “inundated” with demands for its food ranges after opening a store in Geneva recently.
M&S has moved to play down the extent of its expansion. A spokeswoman for the retailer said: “We've got a successful franchise operation and will be opening 25-30 stores internationally this year”, she said, “we will continue to open new stores in future years”.
The spokeswoman added that Rose's primary focus is to exploit further opportunities in the UK.
The move follows Rose’s announcement in May that up to £570 million will be spent on renovating 35 per cent of the chain’s UK stores.
