Mark & Spencer to shut a quarter of larger stores amid rising costs
Marks & Spencer is planning to close one in every four of its bigger stores selling clothing and homeware.
The retailer said it would replacing them with more than 100 new Simply Food smaller outlets. The number of full line stores would be cut by 67 before 2028 to take the total to 180 from the current 247.
In a plan to concentrate on food, the retailer will open 104 Simply Food stores to take the total number to 420.
Marks & Spencer is speeding up its turnaround plan in the face of a “difficult economic backdrop” and rising costs. Despite the plan lasting over five-years, it will try to complete the move as quickly as possible, with three years being its ideal aim.
M&S said the turnaround plan would not necessarily see the retailer leaving a town, but could include the closure of an older high street store, and the opening of a new outlet at an out-of-town retail park.
M&S previously announced 110 stores will close, the 67 stores announced today are included in this figure but the closures will be accelerated.
M&S did not give details on which locations or how many jobs would be affected by the plans.
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