Marks&Spencer to open new stores
2023.01.16 07:12
Budrigannews.com – Marks and Spencer, a retailer in the UK (LON:) said on Monday that it would invest just under half a billion pounds and open a slew of new stores as part of a larger effort to revamp its locations in response to strong holiday sales.
M&S stated in a statement that the £480 million investment will result in the creation of 3,400 new jobs across Britain.
In addition, the company said that it would open 20 new locations in cities like Leeds, Liverpool, Manchester, and Birmingham during the financial year 2023-2024. In October, M&S announced that it would close 67 of its existing “lower productivity” locations, bringing its total number of stores with its full line of clothing, home goods, and food products down to 180. 100 food-only restaurants would also be opened by the group.
M&S CEO Stuart Machin stated, “Our investment in stores not only delivers a better experience for customers and colleagues, but it also boosts local communities with the creation of new jobs and will help us deliver a more sustainable estate in every sense.”
Following two years of COVID-19 disruptions, M&S’s share of the clothing and homewares market in the United Kingdom reached its highest level in seven years as a result of strong demand for formalwear and party outfits during the Christmas season from shoppers eager to celebrate the holidays. This contrasted sharply with previous outcomes for M&S’s clothing and homewares division, whose sales had decreased annually from 2011 to 2020.
In late-morning trading, M&S shares that are listed in London gained more than 1%, but they have still fallen nearly 35% in the past year.
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