Popular U.K. retailer Mark and Spencer (M&S) is expanding its existing store closure program, with plans to close 100 of its stores by 2020, the company announced on 22 May.
After years of falling sales and profits, M&S decided to embark on what it calls a “radical transformation” process in 2016, according to a report from The Guardian. The business, which markets both clothing and food stuffs under the same roof, has confirmed the locations of 36 store closures so far, with a further 14 shutter sites revealed on Tuesday, 22 May. The retailer’s chief executive began the culling process 18 months ago, after announcing that the amount of floor space dedicated to M&S clothing ranges would be significantly scaled back.
M&S has 1,035 stores in the UK, 300 of which sell clothing, homeware and food. Through the closures, the retailer hopes to make its store estate “more relevant,” explained Sacha Berendji, the Marks & Spencer retail, operations and property director, to The Guardian. The cuts, which could results in the loss of thousands of jobs, will be vital to M&S’s future, she added.
“Closing stores isn’t easy but it is vital for the future of M&S,” Berendji said to the newspaper. “Where we have closed stores, we are seeing an encouraging number of customers moving to nearby stores … which is why we’re continuing to transform our estate with pace.”
Among the grocery products retailed by M&S are seafood products. Some of the closures coincide with the retailer opening nearby M&S stand-alone food stores. Ultimately, the company is looking to create fewer, better clothing and home stores via the closures, to help ensure a seamless online experience across all digital channels including mobile and social, it said.
