Marks & Spencer India, also known as M&S India, is actively investigating opportunities for growth in Tier-II cities throughout the nation, where it currently has 40% of its stores. Although M&S India already maintains a substantial presence in Tier-I markets, it acknowledges the unexplored potential for expanding further in these areas.
Ritesh Mishra, managing director at M&S India, said, “Tier-II cities are of paramount importance to us, as there is still room for growth in Tier-I markets.”
M&S India explores growth opportunities in Tier-II cities!
M&S India places significant emphasis on fostering growth through online channels, with a quarter of its sales already stemming from e-commerce. Mishra underscored the essential role that physical stores also play in propelling business expansion.
Winter wear stands out as one of the brand’s exceptional categories, displaying an impressive year-on-year growth of 47 percent.
Linen-based products have demonstrated robust growth compared to the prior year, while lingerie, a fundamental aspect of the brand, accounts for one-quarter of its overall sales.
Despite increasing competition in the fashion sector, with foreign brands entering the Indian market, Mishra firmly believes that M&S India’s value proposition remains strong. He asserts that the brand faces no significant headwinds, saying, “We are confident that we have the right brand proposition, product strategy, pricing strategy, and strategic mall locations.”
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Marks & Spencer India marked the inauguration of its 100th store in the nation. Each of these stores encompasses an area ranging from 15,000 to 20,000 square feet. Mishra unveiled aspirations for additional growth, with the goal of reaching a cumulative retail space of 1.4 million square feet. He also highlighted the brand’s accomplishment in opening one store per month over the last six months.