BREAKING NEWS: Marks & Spencer To Close 30 High Street Stores

 

Marks & Spencer will close 30 of its high streets stores over the next five years in the biggest blow to the high street for years after profits plunged. Chief executive Steve Rowe has been forced to announce its biggest shake-up for years.  Up to 45 of the retailer's clothing stores will also be replaced by its more successful food halls.

The move comes amid reports that high street shops are closing at a rate of 15 a day, with fashion outlets particularly hard hit.  Steve said “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 60 fewer Clothing & 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. 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”.

The M&S closures are part of a major shift in policy to devote more floor space to its successful food ranges and build its website sales.