trending Market Intelligence /marketintelligence/en/news-insights/trending/xafv7uwztzp4mgs5dg3jyw2 content esgSubNav
In This List

Marks & Spencer to close over 100 stores by 2022

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Marks & Spencer to close over 100 stores by 2022

U.K. retailer Marks & Spencer Group PLC on May 22 confirmed that it expects to close over 100 stores by 2022, as part of its ongoing five-year transformation plan to cut floor space and make at least a third of its sales online.

M&S named 14 locations in the U.K. proposed or set for closure, adding to the 20 it has shut down so far. Among those in the list are its outlets in the towns of Bayswater, Fleetwood and Newton Abbot, which are scheduled to close by July-end. Both locations in Clacton and Holloway Road will also be shut down by early 2019.

Meanwhile, M&S' nine stores in Darlington, East Kilbride, Falkirk, Kettering, Newmarket, New Mersey Speke, Northampton, Stockton and Walsall are proposed for closure. These outlets will enter a consultation period with all 626 employees affected by the proposal and, in the event that the shutdown pushes through, the company said the workers will be moved to operating stores before it considers redundancy.

Furthermore, the department store chain expects to launch 15 fewer Simply Food stores in 2018 as part of its scaled-backed opening program.