UK based retailer Marks & Spencer is all set to foray into high volume food and kids wear retailing here in India. Marks & Spencer’s presence in India is through master franchisee Planet Retail.
Marks & Spencer has witnessed slow growth in India. To boost volumes, the company slashed prices and is also getting into new verticals such as food and kids wear. The first store that will retail this merchandise is the 20,000 sft flagship store at Gurgaon in the NCR. Both these segments will be part of existing stores and not be standalone stores. The chain as a whole believes in large format stores.
The food segment of the store will stock biscuits, confectioneries, groceries, savories and a special celebration range of the festive season priced between Rs 95 to Rs 1,800 for high end items. Company official said that Marks & Spencer aims to provide ultimate quality of food to the Indian consumer. Keeping mind the Indian taste and international standards, the company plans to compete with other retailers.
In the Kids wear segment, the prices will range from Rs 395 to Rs 3000. The company admitted that the prices will be higher than local brands, but they said they are offering value to consumers.