Marks & Spencer’s foray into the Indian market is being slowed by global economic turbulence and delays in the availability of commercial property in the country.

Through a joint venture with Reliance Retail, M&S had planned to set up 50 stores across the country in the next five years. Chief executive of the joint venture Mark Ashman said it was expanding cautiously and may miss its original target for openings.

M&S has cut some of its lowest price points by around 20 per cent in India.