High street retail giant Marks and Spencer plans to open two new stores in Hungary this year, one in Pécs in southwest Hungary and the other in Győr in the northwest, business daily Napi Gazdaság reported on Monday.
S-Modell Rt, the company in charge of the Marks and Spencer brand in Hungary, targets a 20%-25% turnover increase in 2006, CEO Katalin Juttner told the paper. Last year, turnover rose more than 26%. Even excluding new shops opened in 2005, turnover still rose 20%, Juttner said. Sales of Marks and Spencer's house brands generated revenue of Ft 3.35 billion in 2005.
Marks and Spencer has six stores in Budapest and one outside of the capital. Juttner said the aim is to open a Marks and Spencer's in every big Hungarian city in the future, although not at any price.