Marks and Spencer to shut 67 stores due to rising costs
13 October 2022, 11:05 | Updated: 3 January 2023, 14:59
Marks and Spencer is set to close 67 stores over the next five years as part of a major shake-up.
It’s sad news for Marks and Spencer shoppers because the retailer is shutting a large number of its stores.
The high street favourite has announced it will be closing 67 of its "lower productivity, full line stores".
There's no indication of what stores will be shutting, all we know is that it will take place over the next five years, with bosses hoping it will be completed in three.
This store overhaul is set to save around £309 million in rent costs, which the high street giant has been struggling with during the cost of living crisis.
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But it’s not all bad, as M&S is now focusing on growing its food business, which continues to drive more sales.
In fact, bosses have now announced they will be opening 104 new "bigger and fresher" food stores.
Marks and Spencer Simply Food shops will therefore be increased from 316 to 420 over the next few years.
This comes after more than 30 stores closed during the pandemic as clothing and homeware sales were hit.
In 2019, M&S confirmed long-term plans to get rid of 110 stores as part of an overhaul under previous boss Steve Rowe.
The 67 stores announced this week are included in this figure, but will be moved forward.
M&S previously said: "At the year-end we set out our goal of achieving a modernised full line estate of c.180 stores through store rotation, reflecting the accelerated channel shift post pandemic.
"Rotation means closing at least 110 locations and relocating to either a new full line or food-only store and in many cases consolidating multiple stores into one."
Meanwhile, M&S recently announced a £15m package to support its colleagues in the cost-of-living crisis.
The retailer increased the hourly wage of more than 40,000 employees from £10 to £10.20.
