Britain's largest retailer, Marks & Spencer, announced on Nov. 8 that it would close all 10 of its stores on the Chinese mainland due to continued losses. However, Marks & Spencer online stores on Chinese e-commerce platforms will continue to operate.

The results of the brand's assessment of its 466 international stores showed that Marks & Spencer profited in the Hong Kong market, but its 10 shops on the Chinese mainland continued to suffer losses. As a result, Marks & Spencer plans to close its stores in Beijing, Shanghai, Suzhou, Wuhan, Qingdao and other cities.

Customers on the mainland can still buy products through two major online platforms: Tmall.com and Jd.com. In addition, the 26 stores in Hong Kong will continue to operate.

Marks & Spencer’s first mainland store opened in Shanghai in 2008. However, the sometimes stodgy style and high prices of its items failed to gain favor with local customers. In December 2015, Marks & Spencer entered the Beijing market, hoping to offer a new shopping experience with a boutique store. However, this move also failed to reverse its decline in the Chinese mainland market.

"Marks & Spencer is a just a department store in the middle. In a high-end market, it cannot compete with [luxury items]; in terms of fashion, it cannot rival fast fashion," a representative said.

Marks & Spencer is not the first foreign brand that has recently launched large-scale store closures. Also due to continuous losses, Ito Yokado closed its flagship store in Beijing at the end of October; Malaysia's largest department store, Parkson Group, closed its Taiyanggong store in Beijing on Nov. 1.