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Marks & Spencer is reportedly planning to establish at least 20 new store outlets throughout Britain. It was reported on Monday, Jan. 16, that the clothing and food retail company would open eight full-line branches in major shopping centers in Manchester, Trafford Centre, Bullring, and Birmingham.
Marks & Spencer is also setting up new stores in places with high foot traffic, such as parks and high streets in the country. As per Reuters, the company will also be adding 12 food halls to its portfolio, and these will be built in places like the North Ayrshire seaside town of Largs, Scotland and Stockport, Barnsley.
It was noted that Marks & Spencer already forwarded its proposal to reduce the number of its full-line stores in November of last year. It was said that the target is to shrink the number of locations from 67 to 180 by the year 2028. Instead, the company will increase its food shop outlets by 104 to 420.
Stuart Manchi, the company’s chief executive officer, said that the new investments for this project would create more jobs across the United Kingdom. Around 3,400 new jobs are set to be created, plus the new store openings are expected to bring in new sales as part of its £480 million or about $586.94 million investment scheme as it recovers from the COVID-19 pandemic slump.
Financial Times reported that this year, Marks and Spencer would launch 20 new stores. The move is part of the company's plan to accelerate its restructuring program after shutting down 110 stores.
It is aiming to make a comeback with bigger and better food sites and fewer retail outlets for clothing and home sales. This means that customers will see more of the brand’s “Simply Food” outlets than its usual Marks & Spencer stores.
“The outperformance of our recently relocated and renewed stores gives us the confidence to go faster in our plan,” M&S’ CEO Stuart Machin said in a statement. “Our investment in stores not only delivers a better experience for customers and colleagues but it boosts local communities with new job creation.”
Photo by: Samuel Regan-Asante/Unsplash
