Drive profitable sales growth

This year, despite the disruption, we completed our most ambitious year in a decade of new store openings with 12 new Foodhalls and three new full line stores opening their doors alongside 12 store renewals. This is a key part of our transformation as new store openings directly link to the growth strategies of both our Food and Fashion, Home and Beauty businesses.

In Food, the long-term ambition is to double sales supported by investment in new stores, with a plan for 380 Food stores by 2027/28. Openings this year included in Cannock, Hatfield, and Farnham which are attracting more families in line with our approach to become a ‘shopping list’ retailer.

In Fashion, Home & Beauty alongside our goal to double online sales, the aim is to generate sustainable store sales through a profitable, focused group of 200 full-line stores by 2027/28. This year’s full line openings included a new 83,000 sq.ft store in Bath, a city in which M&S has traded since 1895. The new four floor flagship, relocated from Stall Street, combines the best of M&S Food, Fashion, Home & Beauty and a café meaning customers can complete their weekly food shop, find the perfect outfit, or sit down and relax with an M&S coffee.

Alongside Bath, we opened a new three floor flagship store in Bristol Cabot circus. Located in a former House of Fraser site, the store opening marked a return to the City for M&S and offers M&S’ biggest in-store beauty offer to date.

Both of these full line store openings saw hundreds of people queueing to be first into the new stores and are trading ahead of expectations, showing the excitement our new store openings generate, and the strategic importance new stores deliver in attracting a bigger, broader customer base to shop with M&S and drive growth.

Property will remain a priority in the year ahead as we reinvest for growth, with 18 new Food stores, four extensions and two full-line stores expected to open alongside our pipeline of store renewals as we ensure M&S’ store estate is fit for the future.