Marks & Spencer is accelerating its store closure plans as it battles a “significant” rise in costs.
The retailer said 67 of its bigger clothes and homeware stores could shut within three years, rather than five as planned. However, it added that it would rapidly expand its portfolio of Simply Food outlets by 104 to 420 over the next three to five years.
M&S shut 30 shops last year after lockdowns hit sales and profit, adding fuel to a restructuring programme that involved closures to cut its rent bill and grow online shopping.
M&S has not named the stores marked for closure but told analysts it might not leave some towns completely; instead, the retailer could relocate outlets to out-of-town sites. Some of the clothing stores could also be repurposed as Simply Food stores.
