Electronics

FTSE scales fresh high but M&S falls on store closures

FTSE scales fresh high but M&S falls on store closures

M&S said its remaining clothing and home stores would be larger and more orientated around technology.

The closures unveiled today are part of a five-year turnaround plan spearheaded by chairman Archie Norman and chief executive Steve Rowe.

M&S store closures are always big news, especially for the towns where the shops have been reassuring fixtures on the high street for decades.

Neil Stock, Tendring District Council Leader, said he was saddened to hear of M&S plans to close its Clacton store in early 2019.

M&S today announced the next tranche of United Kingdom stores proposed for closure or set to close as it reshapes its United Kingdom store estate in line with its target to take at least a third of sales online.

Marks and Spencer has announced that it will close 100 stores by 2022, accelerating a reorganisation that it says is "vital" for the firm's future. "M&S has to get its clothing-and-home stores down to a much smaller number unless they can demonstrate there is a real objective to them".

And more in Darlington, East Kilbride, Falkirk, Kettering, Newmarket, New Mersey Speke, Northampton, Stockton and Walsall are proposed to be axed.

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After the match, the Chennai Super Kings players celebrated the win in the dressing room. Faf played a handsome knock, and credit to the way they scrapped it".

He said that where stores have already closed, "encouraging" numbers of consumers were now shopping at nearby stores.

They have been seeking to save costs through store closures and shutting distribution centres as part of a wide-ranging efficiency drive as the company's financial performance deteriorates and it feels the pinch from online shopping.

Then in November past year, three months after retail veteran Archie Norman joined as chairman, the firm said it would speed up the programme.

M&S has been losing share for more than two decades after achieving its peak clothing market share of 13.5% in the United Kingdom in 1997. "But it also has to start growing total non-food sales to stem the overall decline".

M&S had in November 2016 launched a five-year overhaul of its United Kingdom stores amid fierce competition from supermarkets and budget garment chain Primark - as well as online giants like Amazon.

Roughly 60% of M&S sales come from food and the rest comes from fashion and homeware.

"To make its space more productive M&S has to produce a compelling offer showcased in an inspiring environment", Ms Hinton said.


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