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Possible more M&S stores to close, boss warns

Marks and Spencer - Profit Possible more M&S stores to close, boss warns More M&S stores may have to close, warns Chairman Archie Norman. M&S is currently struggling to improve its economic outlook. In other words, its future looks grim and it is doing everything it can to turn that around. In May this year, Mr. Norman said there were plans to shut down one hundred M&S stores. Specifically, trimming 100 stores by 2022 . In May this year, Sacha Berendji, M&S Retail, Operations and Property Director, said: “We are making good progress with our plans to reshape our store estate to be more relevant to our customers and support our online growth plans. 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 and enjoying shopping with us in a better environment, which is why we’re continuing to transform our estate with pace.” Mr. Norman also told shareholders that the number of M&S stores had become a “drag” on the company’s performance.

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