Some major changes are in the cards for Marks & Spencer, as they try to navigate market changes as well as high costs due to the current state of the economy.
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As reported by The Guardian, the retail giant is going to be closing one in four or 25% of its stores that sell clothes and homeware, while focusing on opening up more than 100 new Simply Food outlets.
Marks & Spencer is set to close one in four stores with homeware and clothes
M&S is working towards a target of having 180 'full-line' shops by 2028, which would sell its full range of food, clothing and homeware products. At present, the company has 247 of these.
The current plan of action could see the store closing altogether in some places while in other towns, it would close an older store in the town high street and open a new outlet in an out-of-town retail park.
Outlets that have shown lower productivity would be closed and in general, the company would reduce the floor space provided at their stores to homeware and clothing.
M&S’s Simply Food outlets
M&S intends to open 104 additional Simply Food stores as the company is moving away from selling clothes and homeware to groceries and essentials.
The Guardian quoted Stuart Machin, M&S’s chief executive, as saying that they are
creating a fit for the future store estate, with shops in great locations.
We’re seeing strong performances from our recently relocated stores and this gives us the confidence to go faster in our rotation plans, whilst at the same time investing in bigger and better food stores.
Therefore it seems that shoppers will be affected by having less homeware and clothing options from M&S, but on the other hand, the retailer seems very keen on fulfilling food and grocery requirements of its customers.
Sources used:
The Guardian: M&S to close one in four bigger stores selling clothing and homeware
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