M&S speeds up store closures
Marks and Spencer has announced it is to speed up its store closure plans by two years, as it looks to close 100 stores by 2020.
The announcement comes as chairman Archie Norman and chief executive Steve Rowe prepare to unveil another slump in annual profits on Wednesday, according to reports by The Times.
In the 13 weeks to 29 December, the retailer saw its total UK sales fall by 2.7% down to £2.7bn. In November 2016, M&S said it expected to close 100 stores by 2022, since then it has closed 43 stores.
The closure acceleration comes after it changed focus amid financial woes in order to offer its full range of food products in the majority of its stores. Currently only 12 of the retailer’s stores offer all 6,500 items in its food range, with the retailer’s Simply Food convenience stores deemed to be too small to stock the full range.
