Marks and Spencer plans to close one of four of its largest stores, which sell fabrics and homewares, as its plan to cope with a “challenging economic backdrop” progresses.
As part of the plans, store 100 will reopen Just eat Points of sale across the UK.
As part of its five-year plan, the retailer told investors it plans to ditch 180 “full-line” stores by early 2028 from its current 247 to target “less productive” stores.
At the same time, 104 more Simply Food stores are planned to open as the retailer transitions from large clothing and home goods stores to grocery.
Despite the plan, which lasted more than five years MRS try to complete the move as quickly as possible, with three years being the idealistic goal.
Last month, M&S announced a pay rise for more than 40,000 of its employees, marking its second pay rise this year as the retailer responds to cost-of-living concerns.
The pay rise will raise the company’s minimum hourly wage to £10.20 from October 1, which had already risen to £10 from £9.50 in April, putting it above the national and real living wage.
The support package will cost the company around £15million.
https://www.theargus.co.uk/news/23042729.marks-spencer-closures-will-see-quarter-biggest-stores-close-amid-new-plans/?ref=rss The closure of Marks and Spencer will see a quarter of its largest stores closed due to new plans