MARKS and Spencer has announced that it will close over 100 stores by 2022 as part of a radical restructuring plan first announced in 2016.
The retailer has now identified the latest 14 stores facing the axe, following on from the 21 that it has already closed. Here’s what you need to know…
Alamy M&S is set to close over 100 stores by 2022
Which M&S stores are going to close?
On May 22, Marks and Spencer revealed the latest 14 stores facing closure.
Three will shut by the end of July 2018:
- Fleetwood Outlet
- Newton Abbot Outlet
Two others will both close by early 2019:
- Holloway Road
Nine other stores are proposed for closure, and enter a period of consultation.
This puts the jobs of 626 employees under threat, although M&S has pledged that these workers will be offered roles elsewhere before redundancy is considered.
- East Kilbride
- New Mersey Speke
In total, 21 Marks and Spencer stores have closed already, including three which were relocated.
The closed stores are:
- Covent Garden
Overall, it means that 35 M&S shops will shut down by 2019.
By 2020, the retailer will bring this number to 100 stores but it is yet to reveal the locations of the other outlets under threat.
Why are the M&S stores closing?
In November 2016, the high street chain said that it had marked 100 low-performing stores for closure or change.
Sixty stores were set to close in the initial announcement, putting around 2,000 jobs at risk.
In April 2017 the first six stores were announced for closure, and as part of the changes it has downsized a number of stores.
On May 20, The Sunday Times reported that the retailer could shut an additional 40 of its larger outlets that sell both food and clothes – meaning 100 shops would close overall.
The decision to accelerate its programme was reportedly brought about after early results from store closures – like the one in Warrington town centre – led to an increase in sales at newer out-of-town stores.
A spokesperson for M&S told The Sun Online: “We have been clear about our plans to accelerate our store closure and the action we must take to build a business with sustainable, profitable growth.”
The retail giant is said to be focusing on more successful parts of its business such as food and moving away from areas such as clothing and homeware.