M&S accelerates store-opening pipeline

M&S has announced a £480m investment in “bigger, better stores” across the UK in a move that is set to generate over 3400 new jobs and create a “fit-for-thefuture M&S store estate and a seamless experience for customers”. M&S plans to accelerate its five-year store rotation programme, targeting delivery within three years. The retailer has identified a pipeline of 20 new stores to be opened in the next financial year.

CEO Stuart Machin comments: “Stores are a core part of M&S’ omnichannel 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 higherquality, higher-productivity full-line stores that sell our full clothing, home and food offer, while also opening over 100 bigger, better food sites.

“The 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 plan includes eight full-line destination stores in key city locations, including a new 97,000ft2 store in Leeds White Rose and a 70,000ft2 store in Liverpool ONE, both due to open this summer. Later in the year other major stores will open, including a 65,000ft2 store in Birmingham Bullring this autumn, a 96,000ft2 store in Manchester’s Trafford Centre, and a 98,000ft2 store in Lakeside Thurrock (both set to open this winter). The programme is underpinned by substantial investment in new digital services.

M&S sustained trading momentum through the peak quarter, with both Food and Clothing & Home (up +8.8% in Q3, and up +8.6% on a LFL basis) delivering strong growth. Clothing & Home achieved over 10% market share, its highest level since 2015.