The British retail giant Marks & Spencer is accelerating the pace of its international expansion and it plans to open the fifth China store in Shanghai.
Marks & Spencer has signed a letter of intent to lease a 3,700 square meters store in Shanghai City Center, which is owned by Huarui Treasure China Trust, a Singapore real estate developer. The new store is expected to open in 2013.
According to the plan announced by Marc Bolland, chief executive officer of Marks & Spencer, China and India will be Marks & Spencer's prime markets in future and the company will focus on Shanghai in the next three years.
To date, Marks & Spencer has four stores in China, respectively located in Nanjing West Road, Yuyuan, Skymall and Ningbo Century Oriental Plaza. The Nanjing west road store, with an area of 3,900 square meters, is a flagship store and it opened in 2008; while the Ningbo Century Oriental Plaza store was launched in January 2011.