Marks & Spencer, the UK grocery and clothing retailer, is planning to open 200 new Simply Food stores in the next five years, according to a report in Off Licence News.
The move comes as the firm is reportedly planning on scaling back its clothing & homeware divisions in order to focus more heavily on its Simply Food stores. The retailer is said to to be looking to close 30 stores, converting 45 full-line (clothing and food) stores to the Simply Food format, relocating current stores as well as opening new full line stores in new areas.
Commenting on the move, Marks & Spencer chief executive Steve Rowe said: “These are tough decisions but vital to building a future M&S that is simpler, more relevant, multi-channel and focused on delivering sustainable returns. Over the next five years we will transform out UK estate with 60 fewer clothing & Home stores, whilst continuing to increase the number of our Simply Food stores”.
Source: Off Licence News / Costar