UK's M&S to invest £480 mn in store rotation project

As part of its programme acceleration, M&S has already identified a pipeline of 20 new bigger, better stores to be opened in the next financial year, according to a press release by the company.

Stuart Machin, chief executive of M&S, commented: “Stores are a core part of M&S’s omni-channel future and serve as a competitive advantage for how customers want to shop today. Our store rotation programme is about making sure we have the right stores, in the right place, with the right space and we’re aiming to rotate from the 247 stores we have today to 180 higher quality, higher productivity full line stores that sell our full clothing, home, and food offer whilst also opening over 100 bigger, better food sites.

“The out performance of our recently relocated and renewed stores, give us the confidence to go faster in our plan. Our investment in stores not only delivers a better experience for customers and colleagues, it boosts local communities with new job creation and will help us deliver a more sustainable estate in every sense.”

The new store pipeline for 2023-24 includes 8 full line destination stores in key city locations including a new 97K square feet store in Leeds White Rose and a 70K square feet store in Liverpool One both due to open in Summer 2023. Later in the year, other major stores will open, including a 65K square feet store in Birmingham Bullring (Autumn 2023), a 96K square feet store in Manchester’s Trafford Centre, and a 98K square feet store in Lakeside Thurrock, both set to open in Winter 2023.

All five new stores will be relocated to former Debenhams sites—part of M&S’ investment to regenerate currently vacant sites. Each has been designed with local families in mind, with shoppers able to browse in inspiring settings with wider aisles and a clear line of sight.

In addition to its owned store investment, M&S has plans to extend its successful franchise model to expand its convenience offer. The performances of M&S’ new and recently renewed stores have exceeded the retailers’ expectations, with sales ahead of plan. In Colchester, clothing and home sales grew 26 per cent ahead of plans. In Lllandudno, clothing and home sales were up 35 per cent.

In November, M&S moved from an aging town centre site in Chesterfield to a new 46,000 square feet store in Ravenside Retail Park just 0.5 miles away, creating 100 new jobs for the community. Overall sales were up 103 per cent in December versus last year.

Fibre2Fashion News Desk (NB)