Marks & Spencer (M&S) is set to invest over £30 million into its London stores during the current financial year.
- The investment will introduce two new foodhalls and modernise 12 existing stores in strategic London locations.
- M&S plans to open four new full-line stores and nine new foodhalls across the UK, aiming for enhanced service and accessibility.
- Sacha Berendji, M&S’s operations director, cites impressive performance and customer growth as drivers for these expansions.
- The retailer’s financial results indicate increased profits and sales, reinforcing confidence in their transformative strategy.
Marks & Spencer has announced a significant investment exceeding £30 million specifically targeting its London-based stores within the current financial period. This strategic financial initiative is poised to create approximately 100 new job opportunities in the capital.
Part of this investment includes the opening of two new foodhalls located in Sidcup and Friern Barnet, scheduled for June and August respectively. Furthermore, an ambitious plan to modernise and renew 12 existing store locations, such as those in Chancery Lane, Teddington, Blackheath, and Islington, is underway. This enhancement will include the introduction of convenient click & collect facilities, aimed at improving customer experience and operational efficiency.
Aligned with a broader strategy, M&S has also announced its intention to introduce up to four new full-line stores and nine new foodhalls nationwide, alongside renewing about 25 stores across the UK during this financial year. These developments are part of the retailer’s commitment to expanding its footprint and refining its service delivery.
Sacha Berendji, the operations director at M&S, expressed optimism regarding these developments, noting, “We cannot wait to bring the magic of M&S to even more customers across the capital. Expanding our presence in London is a key part of our growth strategy.” The success of their new and updated stores, performing ahead of expectations and drawing new customers, underpins their ongoing store rotation strategy.
Financially, M&S has published robust results for the 52-week period ending 30 March 2024, with pre-tax profits reaching £716.4 million. The sales in the clothing and home division saw a 5.3% increase year-on-year, while adjusted operating profit grew by 21%, from £323.8 million in 2022/23 to £402.8 million. These figures not only highlight the company’s financial health but also bolster its confidence in pursuing further transformation.
Marks & Spencer’s strategic investments in London and beyond reflect its commitment to growth and enhancing customer engagement, driven by a firm financial foundation.
