By Inside Retail Asia
British retailer Marks & Spencer (M&S) has confirmed it will remain in the Philippine market, despite ending its long-standing franchise agreement with SSI Group.
The move follows reports that the retailer was preparing to exit the country after more than three decades. Instead, M&S clarified that it is transitioning to a new local franchise partner as part of a broader regional growth strategy.
“Our objective is to build a trusted global brand by bringing the best of M&S to customers around the world. We remain committed to the Philippines and the growth opportunity in the region,” a spokesperson from M&S told Inside Retail.
“After over 20 years of partnership with the SSI Group, we have made the decision to transition to a new franchise partner to support our ambitious growth plans in the region. Our contract with SSI will end in May. We thank them for their partnership.”
While details of the incoming partner and future store plans have yet to be disclosed, M&S said further announcements will be made in due course.
Marks & Spencer (M&S) has been present in the Philippines since the late 1980s, initially operating under the Rustan’s Group of Companies, which was acquired by SSI Group last year.
READ the full story HERE.
