BIZ BUZZ: Marks & Spencer may be on way out of PH

Close to 30 years after Rustan Marketing Specialists Inc brought iconic British retailer Marks & Spencer to the Philippines, the brand known here for its high quality clothes and perhaps more for its tea and biscuits and personal care products may be on the way out.

Netizens note that Marks & Spencer branches have been closing one after the other, and those that remain have been offering deep discounts just to clear inventory.

What’s more painful is that not all of the staff members manning these branches will be deployed to other brands under the umbrella of the SSI Group Inc.

They thus face uncertain futures in the retail market where job opportunities may be limited as consumption has remained depressed.

When Marks & Spencer celebrated its 20th anniversary in 2017, it had 22 branches across the country. Today, the listing on its website is down to 13 branches.

Marks & Spencer, sources pointed out, has been having a difficult time keeping up with competition, particularly the fast-fashion brands that offer comparable items at much lower prices, not to mention the online shops that sell at bargain prices.