Marks & Spencer exits Philippines after 40 years amid retail shift

Dubai: Marks & Spencer will shut all its operations in the Philippines on May 2, bringing to an end a nearly four-decade presence that once made the British retailer a familiar fixture in major shopping malls across the country.

Stores Specialists Inc., the retail arm of SSI Group, confirmed it will wind down the brand’s operations following a strategic review of its portfolio. The company said the decision reflects deep changes in consumer behaviour and the rapid transformation of the retail sector.

“This has not been an easy decision,” management said. “Building Marks & Spencer in the Philippines has been a meaningful and rewarding chapter for our organisation. We are deeply grateful to our loyal customers, dedicated employees, and partners who have supported the brand through the decades.”

The final trading day will affect all 13 remaining stores located in key malls nationwide.

M&S released a statement after publishing this story where they said that the British -retail giant  is not exiting the Philippines — but it is ending a decades-long partnership and moving to a new franchise operator as part of an ambitious regional growth strategy.

“After over 20 years of partnership with the SSI Group, we have made the decision to transition to a new franchise partner to support our ambitious growth plans in the region. Our contract with SSI will end in May 2026, we thank them for their partnership,” an M&S spokesperson said.

The exit highlights how shifting shopping patterns have reshaped the country’s retail landscape. Rising competition from fast-fashion chains, growing e-commerce adoption, and shifting spending priorities have put pressure on legacy mid-to-premium international brands.

SSI said evolving tastes and shopping behaviours made it necessary to redirect resources toward brands aligned with current demand trends.

“Retail is constantly transforming. Change is inevitable, tastes evolve, and therefore so should we,” management said. “We remain committed to the constant strengthening of our portfolio and delivering experiences that resonate with today’s consumers.”

According to the industry data quoted by the local media, footwear, accessories, and luggage sales have been expanding rapidly, rising more than 30% for SSI in 2025, while fast fashion and lifestyle segments recorded only marginal growth. Luxury and casual wear categories also reported declines, reflecting softer discretionary spending.

The closure comes at a time when SSI is recalibrating its brand mix to focus on faster-growing segments and consumer-driven retail formats. The group manages more than 100 international labels and operates over 600 stores nationwide.

SSI said it will work closely with employees, partners, and stakeholders to ensure a responsible transition during the wind-down period. Details on promotions, timelines, and customer advisories are expected to be announced ahead of the closure date.

- With inputs from agencies.