Marks & Spencer is leaving the Philippines after four decades as shifting consumer preferences reshape the retail market, its local franchise holder announced. The British retailer, known for its clothing and food products, has operated in the Southeast Asian nation since 1982. M&S joins a growing list of international retailers reassessing their presence in the Philippines.

Changing shopping habits and the rise of e-commerce have transformed the retail landscape across Southeast Asia. Local franchise holder Store Specialists Inc. confirmed the closure, though specific store locations and timeline details were not disclosed. The Philippines' retail sector has seen increased competition from both local players and global e-commerce platforms in recent years.

The departure marks another setback for M&S in Asia, following previous exits from markets like China. The retailer has been streamlining its international operations to focus on core markets. This move reflects broader challenges facing traditional retailers in adapting to evolving consumer demands in emerging markets.