M&S to close 67 stores over next five years

M&S has announced it will be closing sixty-seven of its stores over the next five years in a ‘major’ branch shake-up.

While the shake-up is expected to take place over the next five years, M&S bosses say they are aiming for it to be completed in three.

In the same announcement, however, the retailer revealed it plans to open 104 ‘bigger and fresher’ food stores.

M&S reportedly told investors these new openings will speed up its turnaround in the face of a tough backdrop.

M&S Corporate

The retailer is said to be taking a focus on the growth of its food business, which continues to be stronger than its clothing arm, which has reportedly struggled to grow sales for years.

In order to do this, M&S has said that it will be investing a sum in the region of £200 million in order to lower the prices of its food and fashion ranges to remain competitive.

Steve Rowe, the M&S Chief Executive, previously commented: “Unpacking the numbers isn’t a linear exercise and we’ve called out the Covid bounce back tailwinds, as well as the headwinds from the pandemic, supply chain and Brexit, some of which will continue into next year.

“But thanks to the hard work of our colleagues, it is clear that underlying performance is improving, with our main businesses making important gains in market share and customer perception.

M&S

“The hard yards of driving long term change are beginning to be borne out in our performance.”

M&S added: “At the year-end we set out our goal of achieving a modernised full line estate of c.180 stores through store rotation, reflecting the accelerated channel shift post pandemic.

“Rotation means closing at least 110 locations and relocating to either a new full line or food-only store and in many cases consolidating multiple stores into one.”