To revitalise its business and improve international trade, Marks & Spencer (M&S) plans to introduce significant price cuts in its overseas stores.
Through this step, the brand aims to stem growing competition in the overseas market where the brand’s prices are nearly more than double the prices of competitors. Stuart Machin, CEO, says, there is a significant disparity between the pricing in MS stores and those of its competitors, particularly in markets like Singapore.
To address this, Machin plans to prioritise customer value and product diversity by renegotiating its franchise agreements. This will help reduce the risk burden on franchise partners and encourage them to explore new products and trends, he opines.
To improve its international business, M&S also aims to accelerate stock replenishment and introduce innovative products. The retailer recently promoted Mark Lemming as the company’s new Managing Director for International Business to strengthen its global presence.
Currently having 434 stores in the international markets, including 264 franchise-operated locations, M&S aims to transform its overseas business model by focusing on price competitiveness, product innovation, and efficient supply chain management.
