Marks & Spencer speeds up store closure plans

Marks & Spencer is speeding up a shake-up of its stores with 67 of its bigger shops to shut within five years.

The closures are part of previously announced plans to axe 110 main stores as part of a big overhaul under its previous chief executive Steve Rowe.

But the retailer is now aiming to complete the changes faster than it had originally planned.

Marks & Spencer also said it will be opening 104 new Simply Food stores.

In a presentation to investors, M&S chief executive Stuart Machin said the retailer aims to have 180 "full-line" shops selling food, clothing and homeware products by early 2028, down from 247. That's one in four stores.

The 67 to close were "lower productivity, full line stores."

The company wants fewer but better main stores, as shoppers spend more online, as well as to expand its food business.

M&S wants to try to achieve these changes in three years instead of five.

It said stores which have already relocated to newer, more modern sites are performing strongly.

Mr Machin said: "We are creating a fit-for-the-future store estate, with shops in great locations, that help our customers shop the way they want to.

"We're seeing strong performances from our recently relocated stores and this gives us the confidence to go faster in our rotation plans, while at the same time investing in bigger and better food stores," he said.

Many Simply Food stores will reopen in the same area or location as sites earmarked for closure.

M&S did not give details on which locations or how many jobs would be affected by the plans.