British retailer Marks & Spencer (M&S) has reassured its commitment to the Philippine market, despite the termination of its long-standing franchise agreement with SSI Group. This comes in response to speculations that the retailer was planning to withdraw from the country after over three decades of operation.
The retailer’s continued stay is a part of a redefined strategy to accommodate a new local franchise partner, aimed at broadening its regional growth. M&S is focused on enhancing its global reputation by delivering quality products and services to customers worldwide, including the Philippines.
A spokesperson from M&S reaffirms the company’s commitment by stating, “Our objective is to build a trusted global brand by bringing the best of M&S to customers around the world. We remain committed to the Philippines and the growth opportunity in the region.”
This change follows more than two decades of partnership with the SSI Group. M&S decided to switch to a new franchise partner to buttress its ambitious growth plans in the region and announced the contract with SSI would conclude in May. The company expressed its gratitude to SSI for their years of collaboration.
While M&S has not revealed details regarding the new partner or future plans for stores, it has promised that further announcements will be made in due time.
M&S has been operating in the Philippines since the late 1980s, initially under the Rustan’s Group of Companies, which SSI Group acquired last year.
SSI disclosed in a February 25 Facebook post that it would cease operations of M&S stores in the country, with May 2 earmarked as the last day of trading.
Dubai-based Al-Futtaim Group, which manages the M&S franchise in Hong Kong and Singapore, also distributes footwear brands such as Reebok, Rockport, and Umbro in the Philippines through a subsidiary.
Why is M&S ending its contract with SSI Group in the Philippines? M&S is ending its 20-year contract with SSI Group as part of its regional growth strategy, which includes transitioning to a new local franchise partner.
Who will be the new franchise partner for M&S in the Philippines? M&S has not disclosed details about its new franchise partner but has assured that announcements will be made in due course.
What is M&S’s future plan for its business in the Philippines? While M&S has not detailed its future plans, it has affirmed its commitment to the Philippine market as part of its broader regional growth strategy.
