‘Over the next five years we will transform our UK estate with c.60 fewer clothing and home stores, whilst continuing to increase the number of our Simply Food stores’ says M&S’s Steve Rowe.
Marks and Spencer (M&S) has detailed plans to close around 30 UK clothing and home stores.
As part of the plan, the retailer will convert more of its outlets into food stores which will see 200 new Simply Food shops open in the future.
The news comes following M&S’s disappointing clothes sales and falling sales and profits in the six months to the end of September.
Overall, the retailer will have around 60 fewer clothing and home stores in the next five years.
“We have now completed a forensic review of our estate both in the UK and in our international markets. Over the next five years we will transform our UK estate with c.60 fewer clothing and home stores, whilst continuing to increase the number of our Simply Food stores. In the future, we will have more inspiring stores in places where customers want to shop that complement our growing digital offer,” said Steve Rowe, CEO of M&S.
“Internationally, we propose to cease trading in ten loss making owned markets, but intend to continue to develop our presence through our strong franchise partners.
“These are tough decisions, but vital to building a future M&S that is simpler, more relevant, multi-channel and focused on delivering sustainable returns.”