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Daily Mirror
Daily Mirror
Business
Levi Winchester

Marks and Spencer to shut 67 stores over next five years as part of huge shake-up

Marks and Spencer is planning to close 67 stores over the next five years as it speeds up a huge overhaul of its business.

The closures are part of previously announced plans to shut 110 shops for good, as the posh supermarket focuses more of its attention on food-only outlets.

Investors were today told that M&S wants to reduce its "full line" stores with home and clothing ranges from 247 to 180.

However, it will open 104 more Simply Food shops - taking the total number of its food-only sites from 316 to 420.

M&S is planning for all these changes to be complete in five years, although this could be reduced to three, as it aims to save around £309million in rent costs.

The retailer hasn’t confirmed which shops will shut just yet.

Do you shop at M&S? What do you think of the news? Let us know in the comments below

M&S closed more than 30 stores during the Covid pandemic.

Before that, Marks had also closed 59 clothing and food stores, plus 15 food-only sites and eight outlets.

In an update today, the supermarket warned that it faces a £100million hit from soaring energy costs, on top of "unprecedented inflation".

However, it said it will invest £200million in lowering prices of its food and fashion ranges.

The news comes after M&S confirmed a second pay rise for some 40,000 workers, increasing hourly pay to £10.20.

The new rate kicked in from October 1 - and comes just months after M&S increased hourly staff pay to a minimum of £10 back in April.

M&S is also giving 4,500 colleagues at pre-management levels in its stores and support centres a one-off £250 voucher.

This is on top of the usual 20% discount workers get in store.

In its full-year results, published in May this year, M&S said pre-tax profits before adjusting items hit £522.9million in the year to March 28.

This is up from £403.1million two years ago, before the Covid pandemic. Profits after tax jumped from £27.4million to £309million.

Sales were up 6.9% to £10.9billion over the year with both food and clothing revenue expanding. Food sales climbed 10.1%, or 14.7% excluding its hospitality and franchise business.

Its clothing and home arm was up 3.8% uplift against pre-Covid levels.

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