British fashion and food retailer, Marks and Spencer’s (M&S) group will be closing 67 of its lower productivity full-line stores, as stated in its ‘M&S Reshaped’ presentation published last week, media reported.
These store closures are planned to be completed in over five years but aim for three years.
In the presentation, the group stated that significant market headwinds impacting the business, including, wage inflation, increased energy costs, cost price inflation, and currency headwinds, including the operation of its business against a difficult economic backdrop.
The British retailer is reshaping for growth and value creation through measures like structural cost reduction, high-quality store rotation fit for omnichannel, modernized supply chain, and expanding global outreach, among others.
As part of its plans, M&S is investing $226 million across the clothing and home, and food divisions, over the next few years.
Stuart Machin, CEO of M&S, told the media that they are creating a fit for the future store estate, with shops in great locations that help our customers shop the way they want to.
They are seeing strong performances from recently relocated stores, and this gives them the confidence to go faster in rotation plans, whilst at the same time investing in bigger and better food stores.