HIGH street staple Marks and Spencer revealed it will now close over 100 stores by 2022, including 21 that have already shut up shop, with the firm aiming to generate at least one third of its sales online.
The retailer revealed its next tranche of closures, which includes clothing and home stores in East Kilbride and Falkirk, shortly before posting underwhelming end of year results.
M&S’s blueprint for a return to growth includes a dramatic reduction of its brick and mortar estate, with support for its clothing and home business in part coming from its network of food stores which will offer customers a next-day collect option for those ordering online.
The decision from M&S to reduce its legacy clothing and home retail footprint by 25% comes amid an ongoing decline in footfall on the high street.
Sacha Berendji, retail, operations and property director at Marks & Spencer said: “Closing stores isn’t easy but it is vital for the future of M&S. Where we have closed stores, we are seeing an encouraging number of customers moving to nearby stores.”
