Sheffield business: Alarm as M&S announces plans to shut 32 stores in shift away from town centres
and live on Freeview channel 276
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.
Advertisement
Hide AdAdvertisement
Hide AdThe 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.
