Sale of 27 stores in Hong Kong and Macau to Al-Futtaim comes as it closes UK outlets under turnaround planMarks & Spencer is selling its stores in Hong Kong and Macau as the retailer pushes on with a wide-ranging overhaul. The move comes less than two months after M&S spared its Hong Kong operation in a reshaping of its business. The company moved from Hong Kong into mainland China in 2008 and initially planned to open up to 50 stores. “Even if they knocked the ball out of the court in Hong Kong it wouldn’t really make a difference to the main business. They predict a 3% fall in sales of clothing and homewares at M&S’s established stores and a 1% fall in food.

Source: The Guardian January 02, 2018 08:31 UTC