Marks & Spencer is planning to slow its overseas expansion in light of economic turbulence in its target markets.
Due to economic issues in Russia and China, M&S has chosen to alter the strategy it set in 2014, which named these two countries, amongst others, as areas of focus for international expansion.
Executive Director of M&S Patrick Bousquet-Chavanne explained to Reuters that the British retailer is re-thinking the pace of its growth for the immediate future.
“The world has shifted, is a different place… The Syrian situation was very different from what it is today… Putin had not invaded Ukraine and China was growing at close to 9%… it’s reasonable in that context that you would expect a different outlook on the next three years for the company.”
China’s economy has suffered setbacks recently, with many retailers having to reassess their position there in the wake of ‘Black Monday’. M&S has expressed caution in its plans for China in the past, having shown particular concern for