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German-founded British footwear and attire model, Dr Martens, has closed all of its bodily shops within the Philippines.
The model introduced on social media that it closed all of its remaining 4 shops in Glorietta 4, SM Mall of Asia, SM Megamall and Manila Bay by the tip of final month. Nonetheless, Dr Martens didn’t disclose the rationale behind its bodily withdrawal from the market.
Native sources mentioned Dr Martens began shutting its shops within the nation final February, together with its flagship retailer in Two Parkade BGC.
UK-based footwear retail reported a 13 per cent year-on-year improve in income, reaching US$507 million in turnover for the primary half of the fiscal yr 2023. The model opened 21 new shops and closed 5 shops in the course of the interval.
“Though there are financial challenges forward, we’re effectively positioned for future progress,” mentioned Kenny Wilson, CEO of Dr Martens.
Dr Martens’ retailer closure within the Philippines happened regardless of the market having seen progress in sportswear spending. Final month, US sneaker chain Foot Locker expanded into the nation with the primary retailer opened inside Manila’s Glorietta shopping center below the partnership with Indonesian retailer MAP Aktif Adiperkasa.
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