News Retail Real Estate : Marks & Spencer to Close a Quarter of Larger Stores Amid Cost Increases
Marks & Spencer (M&S) has unveiled its intention to shut down a quarter of its larger stores that sell clothing and homeware.
The retailer plans to replace these stores with over 100 new Simply Food outlets, focusing on expanding its food offerings. This move will result in a reduction of 67 full-line stores before 2028, reducing the total from the current 247 to 180.
As part of its concentration on the food sector, M&S will open 104 new Simply Food stores, increasing the total number to 420.
Facing a challenging economic environment and mounting costs, Marks & Spencer is expediting its turnaround strategy. Although the plan spans over five years, the retailer aims to complete the transition as swiftly as possible, with a target of three years.
M&S clarified that the turnaround plan may not necessarily entail the company exiting a town but could involve the closure of older high street stores while opening new outlets in out-of-town retail parks.
It's worth noting that M&S had previously announced the closure of 110 stores, with the 67 stores mentioned today included in this figure. However, these closures will now be accelerated.
Details regarding the specific locations affected and the number of jobs impacted by these plans have not been provided by M&S.