We’re pressing fast forward on our plans to modernise our store estate.
Updating our store estate by rotating stores, redeveloping sites, and trialling new store formats is a key pillar of our transformation strategy. The impact of the pandemic means we can move faster on our plans to tackle the legacy estate of full-line stores in declining or inefficient locations.
We’re ensuring our bricks-and-mortar presence is fit for the future by:
Pressing fast forward on rotating our store estate
M&S had 254 stores at the end of the 2020 financial year. Our vision for the full-line estate is to have a fully modernised core of c.180 stores. Our current best view of the future is:
- Around 100 stores in prime retail markets, growing from the current base of c.80. We will invest in our renewal format, redeveloping and replacing existing stores in these markets.
- Around 80 stores in core markets, growing from our current base of c.65 stores through investments such as relocating high street stores to retail parks.
- Rotating the estate in the remaining c.110 locations. This means relocating to a Foodonly store or consolidating multiple stores into one. In around 30 locations, which can no longer support a store, we will close and recapture trade in nearby locations or online.
Redeveloping Marble Arch
In March, we announced a proposal to redevelop our flagship store on Oxford Street- Marble Arch. This much-loved store opened in 1930 but the current format is inefficient and confusing for customers.
Under the proposals, we will develop a modern Food and Clothing & Home store and work with partners to deliver sustainable office space on the upper levels of the building.