High street giant Marks and Spencer is set to close 67 stores over the next five years as part of a major shake-up.
The retailer said it is shutting some of its “lower productivity, full line stores”, but announced that it’ll be launching 104 new “bigger and fresher” food shops.
The 67 closures are part of 110 had already been announced, but the closures confirmed today show plans have been pushed forward.
During the pandemic more than 30 stores were closed as sales for homes and clothing were hit.
The overhaul will take place over the next five years, but company bosses have said they’re aiming for it to be done in three.
M&S faces a tough economic backdrop, with rising inflation and energy costs of which could exceed £100 million by next year.
It said it is accelerating the plans in order to save around £309m in rent payments.
68 stores have been shuttered in recent years, but the brand’s attempts to lower its rent costs were derailed by the pandemic.
M&S has previously said that it was focussing on moving out of tired stores on high streets that had low footfall in favour of moving to retail parks, which are popular with customers.
The firm is yet to confirm which sites will be closing.
Marks and Spencer confirms 67 stores will shut over next five years as part of a major overhaul