UK RETAILER MARKS & SPENCER TO CLOSE 100 STORES BY 2022
UK-based retailer Marks & Spencer (M&S) has announced it will close more stores as it reshapes its UK store real estate in line with its target to take at least a third of sales online.
M&S will now close over 100 stores in total by 2022, including 21 that have already closed and the 14 stores that were announced on Tuesday as proposed for closure or set to close. Alongside relocations, conversions, downsizes and the introduction of concessions, these closures will radically reshape M&S’s clothing and home businesses.
The acceleration of M&S’s UK store estate program is part of M&S’s wider five-year transformation plan to make M&S special again. Under the plan M&S has the ambition to create fewer, better clothing and home stores. These stores will be larger, digitally enabled, better located and more inspirational for customers to shop. They will also be supported by a seamless online experience across all digital channels including mobile and social, and by a conveniently located network of food stores that offer customers a next-day collect in store service for clothing and home purchases.
“We are making good progress with our plans to reshape our store estate to be more relevant to our customers and support our online growth plans,” said Sacha Berendji, retail, operations, and property director at Marks & Spencer. “Closing stores isn’t easy but it is vital for the future of M&S. Where we have closed stores, we are seeing an encouraging number of customers moving to nearby stores and enjoying shopping with us in a better environment, which is why we’re continuing to transform our estate with pace.”