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Daily Mirror
Daily Mirror
Business
Sam Elliott-Gibbs

M&S announces it is permanently closing 10 stores with more set for 'relocation'

Marks and Spencer is planning to close ten more stores - with another ten set to relocate.

It comes after the company says it is opening a brand new store tomorrow and has confirmed that a further 17 more openings are planned for this year.

M&S has yet to announce which stores will close their doors permanently.

But among the ten heading elsewhere are in Liverpool, Leeds, Manchester, Birmingham and Thurrock.

There will be five new 'flagship' department stores within the next year, the high-street staple says.

Marks and Spencer are yet to announce which stores are closing (Bloomberg via Getty Images)

There are also plans to open eight 'full-range stores' and 10 food shops.

It comes after recent closures in Edinburgh, Middlesborough, East Kilbride and in Fenchurch Street, central London.

But M&S will open a new megastore in Leeds White Rose shopping centre tomorrow at 10am.

The company revealed a jump in sales but saw profits dip over the past year on the back of higher costs across the world.

Chief Executive Stuart Machin said: "One year in, our strategy to reshape M&S for growth has driven sustained trading momentum, with both businesses continuing to grow sales and market share.

"Our Food and Clothing & Home businesses invested in value to protect customers from the full force of inflation which, whilst impacting margin, was the right thing to do, as serving our customers well is the only route to delivering for our shareholders."

Marks & Spencer has revealed a jump in sales but saw profits dip (PA)

In its recent accounts released today, M&S shared that it had plans to open 18 new stores over the next year - this includes the Leeds White Rose site.

This includes full-line M&S stores and M&S Food Halls. Full-line stores are those that sell both home and clothing ranges.

Several of the full-line stores announced so far and set to open by the end of the year are relocations of former M&S sites.

Alongside these sites, M&S is planning to open three new Food Halls by the end of the year.

These are planned to be in Stockport, Barnsley, and Largs.

More sites are still to be announced.

M&S revealed today that its pre-tax profit came in at £482million in the year to April 1 2023.

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