M&S stores closing

MARKS and Spencer is planning to close 67 stores over the next five years as part of a major shake-up.The high street retailer says it is closing some.

The business said that it wanted to grow the number of customers who buy through its app from 3.9 million to 10 million as it sees online shopping as a major growth opportunity. Marks and Spencer is yet to confirm which stores will be closing, but we will update as soon as we know. Last year the business said that it wanted to reduce its number of clothing and home shops down to 180 from 247 shops. The retailer has said that it is accelerating up its store overhaul to save around £309 million in rent costs. MARKS and Spencer is planning to close 67 stores over the next five years as part of a major shake-up. Marks and Spencer to close 67 stores in major shake-up of branches over next five years

Suffolk's three M&S stores could be under threat after bosses have announced plans to close one in four of its biggest stores.

M&S has not yet announced which stores will be closing. The shake-up also comes as part of a wider overhaul which will see M&S aim to deliver around £400 million in cost savings. Suffolk's three M&S stores could be under threat after bosses announced plans to close one in four of its biggest stores due to a “difficult economic backdrop”.

M&S is to speed up its store transformation programme that will see it close more than 25% of its full-line stores, which sell clothing and homewares, ...

The retailer used the example of its new store in Llandudno, where despite cutting clothing and home space by 5%, sales had increased 35% on pre-Covid levels. In its full-year to April 2, The acceleration comes as M&S’s online clothing and home sales soar. However, the retailer pledged to make a £200 million investment in value across both food and clothing and home as it flagged that consumers are currently “seeking value everywhere” in its business. It is also eyeing margin improvement and aims for its margin in food to hit 4% and clothing and home to exceed 10%. // M&S is to speed up its store transformation programme that will see it close more than 25% of its full-line stores, which sell clothing and homewares, in three years instead of five

The retailer stressed that the previously announced closures will be more than offset by new openings.

The shake-up also comes as part of a wider overhaul which will see M&S aim to deliver around £400m in cost savings. The move will also see the retailer open 104 more Simply Food outlets over the same period, with many expected to reopen in the same area or location as sites earmarked for closure. In 2019, M&S confirmed long-term plans to axe 110 stores as part of a sweeping overhaul under previous boss Steve Rowe.

M&S currently operates two large stores in the centre of Aberdeen, a full-line store on St Nicholas Street and a food and homeware shop in Union Square shopping ...

The shake-up is part of a wider overhaul which will see M&S aim to deliver around £400 million in cost savings. M&S said it had “made some progress to date” on the transformation of its stores portfolio but had further to go. Marks & Spencer (M&S) has said it will speed up a major shake-up of its stores which will result in the closure of 67 larger shops.

The retailer said it would close 67 full line stores.

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Marks & Spencer is closing one in four of its larger stores as it looks to save hundreds of millions of pounds on rent. M&S told investors that it was ...

It is thought that the majority will be on old high street locations, and not in city centres with office populations, even as workers drag their feet to give up remote working fully. M&S told investors that it was speeding up plans to shut larger shops in the face of a “difficult economic backdrop”. It follows a stronger performance from that division in recent years, compared to clothes and homeware. Around 80pc of M&S's energy use comes from its stores. In some locations, M&S is planning to take stores out of town centres and move them into retail parks, as it has already done in Llandudno in north Wales. The switch from large department stores to smaller food shops is expected to save M&S more than £300m in rent, the company said.

Marks & Spencer is aiming to close 67 of its 247 larger stores within the next five financial years. LONDON, ENGLAND - JANUARY 07: Members of the public ...

The company said it has “made some progress to date” on the transformation of its stores portfolio but has further to go, as it seeks to complete the plan with 180 full-line branches and 420 food shops by 2028. M&S stressed that the previously announced closures will be more than offset by new openings as the group seeks to focus more on its grocery business and online operations. [Marks & Spencer](https://inews.co.uk/topic/marks-and-spencer?ico=in-line_link) has announced that it is speeding up a major shake-up of its stores, resulting in the closure of around one in four of its larger outlets.