Marks & Spencer is accelerating the overhaul of its estate with its biggest-ever store opening month.
The retailer, which has seen a marked improvement in performance under its current turnaround strategy, will open nine new and refreshed stores this month from an investment of £80m in its bricks & mortar operation.
The openings begin tomorrow with a new 65,000 sq. ft. store in Birmingham’s Bullring. M&S will then open two further new store openings this month, alongside three new Foodhalls and three store renewals.
The openings are part of M&S’ aim to become a leading omnichannel retailer, with its store rotation programme aimed at ensuring it has the “right stores, in the right place, with the right space”. M&S is planning to rotate from a base of 247 stores to 180 “higher quality, higher productivity” full-line stores that sell its clothing, home and food ranges, while also opening over 100 bigger food sites by its 2028 financial year.
At the start of the year, M&S vowed to invest £500m in its store rotation efforts and outlined its ambition to accelerate the programme. The group noted that it had seen strong performances from its recently relocated stores with substantial payback on invested capital, giving it the confidence to go faster.
Sacha Berendji, the retailer’s Operations Director, commented: “Stores are key to our business, and we see them as part of our competitive advantage. Increasing numbers of customers are heading back into stores to experience the best of M&S all under one roof, supported by outstanding service from our colleagues, and we expect this to continue as we head into Christmas.
“To deliver our biggest ever store opening month, which supports thousands of jobs, is an outstanding effort from the team and shows just how serious we are about accelerating our rotation plans so we are in the right locations for our customers.”
NAM Implications:
- M&S is patently on a roll: ‘marked improvement in performance under its current turnaround strategy’.
- And only sensible to echo, even anticipate, these changes in your trade strategies…
- …in preference to copying rivals’ moves.
