Wednesday, Aug 25, 2010
LONDON (Dow Jones)--U.K. clothing, homeware and food retailer Marks & Spencer Group PLC (MKS.LN) said Wednesday it plans to open its first store in Egypt later this year.
The 2,600 square meter store, opened through a franchise partnership with the Al Futtaim Group, will be located at the Dandy Mega Hall shopping center in Cairo and retail fashion, beauty and home products.
M&S also plans to open a two-floor, 4,400 square meter flagship store in Cairo Festival City shopping mall in spring 2012.
M&S, the U.K.'s largest clothing retailer by volume, has 693 stores in the U.K. and 339 stores internationally in 41 countries, including India and China. In the fiscal year 2010, the company recorded international sales of GBP949.4 million, or 10.2% of group revenue.
The retailer is rebuilding its global footprint after scaling back its international operations in 2001, when it closed 38 stores in Europe and also sold off its Kings Super Markets and Brooks Brothers subsidiaries in the United States.
-By Simon Zekaria, Dow Jones Newswires; +44 207 842-9410; simon.zekaria@dowjones.com
(END) Dow Jones Newswires
25-08-10 0909GMT
