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Britain's Marks & Spencer to close 5 Shanghai stores

Reuters - UK Focus

LONDON, March 2 (Reuters) - British retailer Marks & Spencer (Other OTC: MAKSF - news) plans to close five stores in China's greater Shanghai region by August 2015, it said on Monday, following a review of its growth plans in the country.

The firm said it would continue to invest in its existing flagship store portfolio with the complete modernisation of its flagship store on West Nanjing Road in Shanghai during the autumn.

M&S also stated a firm intent to enter key Chinese cities such as Beijing and Guangzhou from 2015/16. It also plans to continue to invest in Hong Kong and grow its presence in Macau. (Reporting by James Davey; editing by Kate Holton)