Marks and Spencer Sheffield: Firm to close 67 stores over next five years in major shake-up of branches
Marks and Spencer is planning to close 67 stores over the next five years as part of a major shake-up.
The high street retailer says it is closing some of its “lower productivity, full line stores”.
The news will alarm shoppers and council chiefs in Sheffield where M&S has a large shop on Fargate. The once premium shopping street is now more than 40 per cent empty.
But millions are being poured into the area to rejuvenate buildings with new uses including an events centre, offices and flats.
M&S has also announced it will be opening 104 new “bigger and fresher” food stores.
The closures are part of 110 that had previously been announced, but the 67 confirmed today shows plans have been accelerated.
It comes after more than 30 stores closed during the pandemic as clothing and homes sales were hit.
The shake-up will take place over the next five years, but bosses say they are aiming for it to be completed in three.
The need for speed comes as it faces a tough consumer backdrop, rising inflation and a £100 million hit from soaring energy costs.
The retailer has said it is accelerating its store overhaul to save around £309 million in rent costs.
Last year the business said it wanted to reduce its number of clothing and home shops down to 180 from 247 shops.
This is around one in four stores.
In June, Marks and Spencer announced it would be closing its Barnsley town centre store in 2023 and opening a new out-of-town foodhall - in an effort to 'reshape' its business.