7th Nov 11
M&S looks to open more stores in Paris
by Paul Russell
On the continent: M&S looking to expand further in France and The Netherlands
On the continent: M&S looking to expand further in France and The Netherlands
Marks & Spencer is expanding further in Europe and is currently in discussions to secure extra stores in Paris as well as being close to reaching an agreement in the Netherlands.
The retailer confirmed it was re-entering the French capital earlier in the year, following a 10-year period of absence. It will open outlets in the city and service other areas of France via the internet.
The company is in talks about opening a store at Le Carrousel du Louvre – an underground shopping mall beneath the museum, accessible via the glass pyramid – as well as in shopping malls in So Ouest in Levalloisand Villeneuve-la-Garennee, both of which are middle-class inner suburbs just outside the city.
M&S is also believed to be looking to acquire sites in Les Quatre Temps and Carre Senart, the city’s equivalent of Canary Wharf. The retailer had a shop in the former location in its previous effort to make a breakthrough in France. Meanwhile, the company also hopes to open a store in The Hague in the Netherlands.
The company confirmed its plans to re-enter France in April, beginning with a 15,000 sq ft food and womenswear outlet on the Champs-Elysees. It intends to introduce as many as five company-owned stores selling food and clothing in Paris, in addition to Simply Food shops operated by SSP, its franchise partner.
It has begun a convenience food store trial at London’s Baker Street Tube. The shop will go by the name M&S Food on the Move and will open later this week. The retailer will also update the market this week on its half-year results. First half pre-tax profit forecasts for this year were at £311m, down on the £349m of last year.
Broker Charles Stanley expects that earnings per share will have dropped from 16.6p to 15.1p. The interim dividend could stay at 6.2p. Analysts believe that the retailer’s clothing sales will not have been too strong, in spite of a new advertising campaign which features models David Gandy, Ryan Reynolds and Rosie Huntington-Whitely.
Shore Capital analyst Clive Black said that late summer was obviously tough, and that there will be great interest in seeing whether the company has lost share in the clothing market. However, it is believed that food sales will have performed better.
Marks & Spencer revealed its new store appearance in September, which featured new layouts, clothing lines and food areas, like the deli in its outlet on High Street Kensington. It also intends to introduce this in other stores.
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