M&S to close one in four bigger stores selling clothing and homeware

theguardian.com:

Marks & Spencer is planning to close 25% of its bigger stores selling clothing and homeware while opening more than 100 new Simply Food outlets, as it speeds up its turnaround plan in the face of a “difficult economic backdrop” and rising costs.

The retailer told investors it aims to have 180 “full-line” shops – selling its full range of food, clothing and homeware products – by early 2028, down from 247 at present, and said it would get rid of “lower productivity” outlets.

Over the same period, M&S intends to open 104 additional Simply Food stores, as it shifts from larger shops selling clothing and homewares to more outlets selling groceries.

The company is aiming to complete its store closure and opening plans over the next five years, but said it would try to complete the transition as quickly as possible, ideally in three years.

More details to follow soon …