Major UK retailer Marks & Spencer (M&S) is pulling out of China, the world's largest retail market. The move comes 2015 after M&S opened its tenth store in the country, with "low brand awareness" cited as the reason for the exit, according to Adam Colton, the firm's managing director of greater China. While popular with British expats, many domestic customers in Beijing only became aware of the store's presence amid promotions for its closing down sale. Other factors in the exit include high rents, a domestic preference for smaller shops, store placement and a lack of understanding of Chinese consumers.
Major UK retailer Marks & Spencer (M&S) is pulling out of China, the world's largest retail market. The move comes just one year after M&S opened its tenth store in the country, with "low brand awareness" cited as the reason for the exit, according to Adam Colton, the firm's managing director of greater China. While popular with British expats, many domestic customers in Beijing only became aware of the store's presence amid promotions for its closing down sale. Other factors in the exit include high rents, a domestic preference for smaller shops, store placement and a lack of understanding of Chinese consumers.