British department store retailer Marks & Spencer announced that the company plans to shut five outlets in the Shanghai region before August 2015.
The company also said that they will continue to invest in the existing flagship stores and their flagship store at Nanjing West Road in Shanghai will complete its renovation this autumn.
Marks & Spencer revealed that they are interested in entering other important Chinese cities such as Beijing and Guangzhou in 2015 and 2016. Meanwhile, they plan to further invest in Hong Kong and expand business in Macau.
Marks & Spencer entered the Chinese market in 2008; however, the company's development in this marketplace was not smooth. They currently operate stores in Shanghai, Qingdao, Changzhou, Ningbo, Wuhan, Jiangyin, Wenzhou, and Suzhou.
In addition, after reviewing their Chinese growth strategy, Marks & Spencer decided to gradually shift their development focus to the Indian market. Marks & Spencer entered India in 2001 and the company established a joint venture with Reliance Retail in 2008. The company currently has 46 stores in India.