Also Read: Marks & Spencer India to double store count by 2016
Now, the company has announced its plan to double its store count to 80 by 2016, making India the largest international market out of the UK by store count. Marc Bolland, M&S's global chief executive believes that Marks and Spencer already has a brand connotation in India.
"What we have done for consumers is that we have adapted our pricing to the mid-market proposition by sourcing lots of products locally," he says.
Below is the verbatim transcript of Marc Bolland's interview on CNBC-TV18
Q: What made you further India as a priority market?
A: We furthered India as a priority market for two reasons, one, we really believe in the growth of India. Second, we believe that Marks and Spencer has a brand connotation already in India. London and Marks and Spencer have some brand awareness both in India in a very positive way. What we are trying to do over the last two years is first to open up new stores of a larger footprint and also we have adapted our pricing. So what we have done for consumers we have adapted our pricing to the mid-market proposition by sourcing lots of products locally.
Q: You have also said that all the upcoming stores are going to be large format stores, about 15,000 square feet in size. Why the decision to move to large format stores at a time when others are looking at opportunities to cut store sizes in a bid to move towards higher profitability?
A: What we have said is that it is not the benchmark that it all needs to be. Our preference is to have a store between 1,000-1,500 square meters. This is our preference, because our brand has more catalogue than most of the smaller brands and therefore that footprint would be ideal. Sometimes in a certain area you cannot find a store of that size and then we would compromise to take something a bit smaller. In contrast to the past we are not seeking for only small space.
Q: Tell us a little bit about your strategy in secondary markets. You seem to be very bullish on them. Why the decision to get into secondary markets at this point when your presence in metros and the larger cities is also still quite limited? What are you anticipating in terms of growth of tier-II markets in India?
A: Yes, we would not neglect second tier, so what we do is just trying to use the second tier the same as we are doing first tier. It is just to make sure that we everywhere just choose for the right location. We take a real prime location for the first one and then maybe open a second and third one.
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