Marks & Spencer has stated that it intends to expand its European business, in particular in Spain, and the Canary Islands. This is in spite of the dreary financial returns the company is receiving at home.
They will have to battle with their Spanish equivalent, El Corte Ingles, who managed to overrun Marks the last time they attempted to enter the Spanish market in 2001. Marks & Spencer see little hope of improvement in their home market, so have decided to take the plunge and move into Spain, which it sees as having a lot of potential growth.
Of course their main client base, at least in the early stages, is the huge numbers of expat Brits living on the Costa’s, and in the Canary Islands. Its first store will be located in Marbella, at the La Cañada complex, and will be open in time for Christmas shopping this year. The only other store they currently operate in “Spain” is the very small and outdated unit on the British overseas territory of Gibraltar.