Marks & Spencer closure plans won't affect Omani market

Muscat: Marks & Spencer, a global clothing and food retail giant based in the United Kingdom, said its plans to shut stores in different countries worldwide will not affect the Omani market.
An official from Marks & Spencer International said they were fully committed to their franchise partnership with Al Futtaim, including their store in Oman, which is operated by Al Futtaim and will remain unaffected by today’s proposal.
“Working together with our long-standing partner Al Futtaim, we will focus on improving our customers’ experience and driving profitability. Customers can continue to shop with us at our store in Oman.”
“Going forward, we propose to operate with fewer wholly-owned markets and will have a greater focus on our established joint ventures and franchise partnerships,” the official said.
The official further stated that last year their franchise business made a profit of £87 million.
Marks & Spencer’s Chief Executive Officer was reported as saying that the retail group will close 30 clothing and home shops in the United Kingdom and convert dozens more into food stores.
He also said Marks & Spencer plans to close loss-making shops in 10 international markets, including China and France. The announcements came as M&S reported falling sales and profits in the six months ended September. In total, it is estimated that M&S will have about 60 fewer clothing and home stores in five years’ time.
It also plans to shut 53 international stores, representing more than a quarter of international stores that Marks & Spencer fully owns, including all 10 in China, half of its stores in France and all of its shops in Belgium, Estonia, Hungary, Lithuania, the Netherlands, Poland, Romania and Slovakia, putting around 2,100 jobs at risk.
Currently, Marks & Spencer has only one store in Oman, located in City Centre Muscat.