22nd May 2018 10:21
LONDON (Alliance News) - Marks & Spencer Group PLC said Tuesday it will close over 100 stores by 2022, almost 10% of its current total, as part of the previously announced UK store estate reshaping programme.
Shares were trading 1.6% lower at 295.60 pence each in London.
The UK bellwether retailer also said that it will scale back its food store opening programme and will now open 15 fewer stores than planned for 2019 financial year. The company plans to close 14 Clothing & Home stores in the current financial year ending March 31, 2019, as part of the store estate transformation plan.
"Closing stores isn't easy but it is vital for the future of M&S. Where we have closed stores, we are seeing an encouraging number of customers moving to nearby stores and enjoying shopping with us in a better environment, which is why we’re continuing to transform our estate with pace," said M&S Retail, Operations & Property Director Sacha Berendji.
The food, clothing and general merchandise retailer in November 2016 announced a five-year UK store estate programme. Since the announcement, M&S has closed 21 stores as part of the programme, 18 closures and three closures and relocations to new sites.
At the end of 2018 financial year, M&S had 1,035 UK stores in total - 300 clothing, home & food, 696 food-only, and 39 outlets.
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