M&S to close 100 stores by 2020 as CEO expects profits slump

By guest author Sahar Nazir from Retail Gazette

M&S to accelerate store closure programme

Capture courtesy by Retail Gazette
  • It aims to shut 100 stores by end of 2020
  • It has closed 14 stores since the end of March, making a total of 63 closures in just over 2 years
  • M&S chairman Archie Norman & CEO Steve Rowe anticipate a drop in annual profits

Marks and Spencer has said it is focusing on closing down 100 outlets by the end of next year, speeding up its store closure scheme by two years.

The British retailer initially aimed to shut 100 stores by 2022, and has closed 14 stores since the end of March, making a total of 63 closures in just over two years.

The news follows M&S Chairman Archie Norman and chief executive Steve Rowe anticipating a drop in annual profits when it releases its full year results on Wednesday, May 15, 2019, according to The Times and Sunday Telegraph.

In the 13 weeks to December 29, total UK sales declined by 2.7 % to GBP 2.7 billion.

M&S is reportedly eyeing job cuts in its clothing and home teams as it aims to simplify operations.

According to Drapers, 47 roles could be made redundant across buying, merchandising, marketing, supply chain and logistics in order to speed up decision-making processes.

Over 1000 people currently work in M&S’s clothing and home teams.

www.markandspencer.com