Marks & Spencer plans to open eight full-line and 10 food stores this year, while closing around 20 as part of its drive to improve returns.
The closures include 10 relocations, including five flagship stores in Liverpool, Leeds, Manchester, Birmingham and Thurrock.
The announcement came as the company announced better-than-expected full-year results.
The retailer’s adjusted pretax profit for the year to 1 April was £482m, down from £522m last year. However, this was better expectations of £431m.
M&S said the dip was caused by the loss of almost £60m in business rates relief from the pandemic period.
Revenue for the year rose by 9.6% to £11.9bn, boosted by the performance of its food business as well as its clothing and home lines.
The new plans are part of the retailer’s aim to accelerate store “rotation and renewal” to create an estate of around 180 full-line and 400 food stores.
Over five years this is expected to reduce clothing and home selling space by around 20% and increase food space by 10-15%.
In 2022/23, the full-line estate reduced by three stores, while the owned Simply Food estate increased by five.
“In some cases, we are on track to double sales and pay back the capital invested in circa 3-4 years, including closure costs for relocations,” M&S said.
More than 80 stores are in a renewal format.
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