Marks and Spencer Reliance India, a joint venture between Mukesh Ambani-run Reliance and UK-retailer Marks and Spencer Plc intends to open 15 new stores, mainly in metros, in two-years time, a top company official has said on Thursday.
"We are looking to open 10-15 stores in the next two years mainly in the metros. We're aiming to open larger stores which will showcase a fuller range of our product catalogue," Marks and Spencer Reliance India, Head of Marketing, Nandini Sethuraman said.
"Though there are opportunities in smaller towns and cities, we want to make deeper inroads in metros and strengthen our base there as there is a lot more potential to grow in these places," she said.
Marks and Spencer at the time of forming joint venture with Reliance Retail in 2008, had announced plans to open 50 stores in India in next five years. The retailer said the target remained intact.
"By 2014, our aim is to have 50 stores. It all depends on momentum and right locations", Sethuraman said.
Presently, the company has 18 stores across the country including Delhi, Amritsar, Mumbai, Pune, Ahmedabad, Kolkata, Bangalore, Hyderabad and Chennai with an average size of about 5,000 sq ft to over 22,000 sq ft.
"We have six stores in Delhi and we plan to open a couple of more stores here, one will be opened near the new international airport in Delhi," Sethuraman said.
Besides, the company has three stores in Mumbai, two stores each in Bangalore and Chennai and one each in Pune, Kolkata and Amritsar, she said.
"We will continue to open stores in the existing markets. The stores that are to come up will be in both malls and in the stand-alone formats, she said.