British high street stalwart Marks & Spencer has announced that it will be closing three of its stores within days as part of a major shake-up. The closures will undoubtedly have an impact on the affected local communities, leaving customers wondering if their local M&S store will be next. As the retail industry continues to grapple with a changing landscape, the fate of high street giants like Marks & Spencer hangs in the balance.
13 April 2023, 16:30 | Updated: 13 April 2023, 17:10
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Marks & Spencer to Shut Additional Stores as Part of Business Restructuring
As part of its business restructuring plan aiming to save £300m, Marks & Spencer confirmed the closure of three more of its stores in the next few days in Middlesbrough, Bolton and Castleford.
The upcoming closures will include Linthorpe Road, in Middlesbrough and Deansgate in Bolton, both closing on April 15, followed by Carlton Street in Castleford on April 22.
These are the stores earmarked for closure (subject to consultations):
- Linthorpe Road, Middlesbrough – April 15
- Deansgate, Bolton – April 15
- Carlton Street, Castleford – April 22
- Newport Road, Cardiff – Spring
- Eagles Meadow, Wrexham – Autumn
- Deansgate, Bolton – TBC
M&S confirmed that it will also launch 104 new Simply Food shops in the upcoming five years despite the recent store closures.
Stuart Machin, the newly-appointed CEO of M&S, said the company aims to have 180 “full-line” stores (selling food, clothing and homeware products) by 2028, which is down from 247 in previous years.
The store closures will contribute to reducing M&S’s energy costs, expected to rise by £100m this year, as approximately 80% of its energy usage comes from its shops.
Furthermore, the company aims to reduce retail space dedicated to home and clothing products at M&S stores by 20% due to a decrease in in-store purchases.
The company has yet to confirm the exact number of sites affected or the number of jobs that will be lost during the closures. Nonetheless, many of the 104 new sites are expected to reopen in the same areas as the branches set to close.
It is clear that there are both challenges and opportunities facing Marks & Spencer as it undergoes this major shake-up. While the closure of three stores within days may be disappointing for some customers, it is important to remember that the company is still committed to meeting the needs of its shoppers in the long-term. If your local shop is one of the affected stores, we encourage you to keep an eye out for any potential new developments in the area that could offer exciting shopping alternatives. Ultimately, as Marks & Spencer continues to navigate these changes, there is no doubt that both the company and its loyal customers will emerge stronger and better adapted to the challenges of a rapidly evolving retail landscape.
