Marks & Spencer has confirmed that the rise of online sales, and the acceleration of trade away from high streets and city centre stores during the pandemic, has triggered the need to reduce Home & Clothing trading space. A high proportion of new stores will be on edge of town locations.
The retailer’s Home & Clothing sales have grown by 3.8%, driven by online sales, with a new emphasis on highlighting ‘trusted value’, which includes the expansion of the ‘Remarksable’ label to Home ranges.
Announcing the retailer’s full year-end results to April 5, M&S ceo Steve Roweemphasised that Home & Clothing is on track for a more profitable model capable of growth. “We are now developing a growing pipeline of store relocations, moving to modern well-located sites,” he explained.
Some 32 stores are marked for closure, while 15 new, full-line stores are due to open over the next three years (which include seven former Debenhams sites), plus around 40 new Food stores, many offering a Click and Collect service for Home products.
Meanwhile the introduction of third partner brands in Home are “providing broader choices to customers,” stated Steve.
Top: M&S at Kingsley Village Retail Park, St Columb, Penhale, Cornwall.
