Sheffield business: Alarm as M&S announces plans to shut 32 stores in shift away from town centres
By David Walsh
Published 25th May 2022, 11:06 BST
Updated 26th May 2022, 12:32 BST
Marks & Spencer is to shut 32 more stores as it shifts away from town centres saying many have ‘lost impetus’ as a result of failed local authority or government policy.
The high street stalwart said profits will flatline in the year ahead amid ‘increasing cost pressures and consumer uncertainty’, the Guardian reported.
A decision to exit Russia will cost £31m, while new EU tariffs and border costs relating to Brexit had cost £29.6m in profits and £15m in lost trade.
The retailer said it will shift away from multi-floor buildings to more modern edge of town sites with better access and car parking.
The news will alarm shoppers and council chiefs in Sheffield where M&S has a large store 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 and cultural centre, offices and flats.
