In a radical shake up of its stores, Marks and Spencer has revealed plans to close 100 stores by 2022, leaving some 872 employees vulnerable. The company says that speeding up a reorganisation is ‘vital’ for the retailer’s future.
“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,” commented Sacha Berendji, director of Retail at 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.”
Some 21 of the 100 stores have already been shut with M&S revealing the location of 14 further sites to close. Bayswater, Fleetwood (outlet store) and Newton Abbot (outlet store), will all close by the end of July 2018; Clacton and Holloway Road, will close by early 2019. The remaining stores are Darlington, East Kilbride, Falkirk, Kettering, Newmarket, New Mersey Speke, Northampton, Stockton and Walsall.
Marks & Spencer is also planning to move a third of its sales online, and wants to have fewer, larger clothing and homeware stores but in better locations.
“Closing stores isn’t easy but it is vital for the future of M&S,” said Sacha Berendji.
Top: Marks & Spencer will be closing 100 stores over the next four years.
