Marks & Spencer is investing £300 million in new, upsized and “renewed” shops this monetary 12 months, with over 300 places being thought of for brand new shops throughout the UK, “from Elgin to Exeter”.
The British excessive road large is planning to open 16 new shops, which can embrace two full-line shops, two outlet shops and 12 meals halls, whereas additionally upsizing 9 shops and refurbishing an extra 12.
Within the final 12 months, M&S has signed 47 offers for brand new and renewed shops to open by FY 2028 – greater than the earlier three years mixed and marking “a big acceleration in momentum” in its funding throughout its owned property.
It means M&S goals to have 180 full-line shops and 420 meals halls delivering the perfect of M&S meals, trend, dwelling and wonder by the top of FY 2028.
M&S CEO, Stuart Machin, stated: “This 12 months we’re stepping up the tempo of our programme and investing over £300m to rotate and renew shops throughout the nation.
“We have now a rigorous technique to verify we have now the proper shops in the proper locations, and this 12 months we are going to ship 37 new and renewed shops with the perfect of our meals, trend, dwelling and wonder to our 32 million prospects.”
Earlier right this moment, Machin additionally stated that he hoped the affect of the cyber assault on M&S over the Easter weekend, which is estimated to hit the retailer’s income this 12 months by round £300 million, could be over by early August, with on-line operations “working totally” inside 4 weeks.
M&S has additionally beforehand introduced plans for model new full-line shops in Bathtub, Southgate and Bristol, Cabot Circus.
