Marks and Spencer to shut 100 United Kingdom stores

23 May, 2018, 21:57 | Author: Arnold Perez
  • M&S is to close 100 stores by 2022 as it accelerates a transformation programme

M&S today named 14 stores earmarked for closure, with 21 already having shut and a further 65 are yet to be earmarked.

At a local level, speculation over the future of department store rivals David Jones and Myer has been a regular feature of recent years.

EAST Lancashire Marks & Spencers employees face an anxious wait after the firm announced a new round of store closures. Its clothing and home business is a particular focus of its transformation efforts. Alongside relocations, conversions, downsizes and the introduction of concessions, the closures are expected to "radically reshape" the retailer's clothing and home space.

In regards to the job losses over the store closures, M&S director of retail Sacha Berendji said the company will be working to make as few cuts as possible.

M&S has previously described the food arm as exhibiting "ongoing under-performance", with chief executive Steve Rowe saying he will slow expansion of the Simply Food chain as the group battles to restore its high street fortunes.

Tuesday's announcement https://corporate.marksandspencer.com/media/press-releases/2018/m-and-s-uk-store-estate-update represents a further step-up of the plan.

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Last month M&S closed its store on Silver Street in Durham city centre as it switched investment to its branch at the nearby Arnison Centre.

Online shopping accounts for 22% of non-food retail sales in the United Kingdom, according to the British Retail Consortium. "Where we have closed stores, we are seeing an encouraging number of customers moving to nearby stores".

M&S had in November 2016 launched a five-year overhaul of its United Kingdom stores amid fierce competition from supermarkets and budget garment chain Primark - as well as online giants like Amazon. Should these stores close, all colleagues would be redeployed or offered redeployment at other stores before redundancy is considered.

GlobalData has forecast that its clothing market share will be 7.6% this year - nearly halving in two decades - despite opening more stores selling clothing, homewares and food under the one roof.

Then in November a year ago, three months after retail veteran Archie Norman joined as chairman, the firm said it would speed up the programme.

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