Marks & Spencer has revealed details of a radical £480m restructuring of its stores, including plans to open 20 larger stores.
Offerings include eight full-line retailers in malls such as Bullring in Birmingham, Leeds White Rose, Manchester’s Trafford Center and Lakeside in Thurrock, Essex, as well as malls and high streets in other cities.
There are plans to open 12 new eateries across the UK, including in Stockport, a second in Barnsley in the fall and a third in Largs, Scotland by winter.
M&S said the plan reaffirmed its faith in brick-and-mortar stores, adding that the investment will lead to more than 3,400 jobs in the UK.
Stuart Machin, co-CEO, said the new stores are a “major part” of the omnichannel future and provide a “competitive edge” in how shoppers choose to shop.
The intention was to make sure “we have the right stores in the right place with the right space,” he said.
Last year, M&S announced that it plans to reduce the number of stores from 247 to 180 large stores selling a full range of clothing, home goods and groceries. The group is also expanding its grocery stores with more than 100 new stores planned. By fiscal year 2025/26, there will be 420 grocery stores in the UK.
The company plans to expand its franchise model by expanding its convenience store offering beyond its existing partners, including BP, Moto, SSP and Costa.
The increased productivity and experience of the recently relocated and remodeled M&S stores prompted an accelerated restructuring.
At a store in downtown Chesterfield that moved to a nearby mall, sales in December were up 103% year-over-year. In Llandudno, North Wales, clothing sales are up 35% and food sales are up 75%.
The company also announced that it will roll out its Click-to-Collect digital service to 130 stores, as well as its Scan-to-Buy app system, which allows shoppers to use their phones to scan and pack products while browsing.
Retailers’ trust in stationary retail seems to be paying off. It emerged last week that strong holiday sales helped M&S increase its share of the apparel and homewares market to a seven-year high. UK sales rose 7% to £3.2bn, while retail sales rose 12.8%. By comparison, online sales grew by just 0.7 percent.
Source: I News
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