UK based Marks & Spencer on 20 May 2014 announced that the company will open 100 stores in India by 2016. Earlier it had planned to open 86 stores in India.
At present, Marks & Spencer (clothing retailer) operates 40 stores in India and it same-store-sales grew 13 percent in the fiscal year 2013-14.
Same-stores-sales is a key performance metric for retailers and measures sales growth at stores open for more than a year.
About Marks & Spencer
• Mark & Spencer was founded in 1886 and is headquartered at Leeds.
• Marks & Spencer operates in India as a joint venture with Reliance Retail, a unit of Mukesh Ambani led Reliance Industries.
• M&S faces tough competition in India from the world's biggest fashion retailer Inditex SA (ITX.MC) and its Zara brand.
• Managing Director of Marks & Spencer Reliance India- Venu Nair