Part of the brand relaunch plan – devised by the CEO, Steve Rowe – is to close smaller outlets and those, located in suburbs shopping centres, dedicated to clothing, accessories and household items. Other stores could be moved or resized in the coming years, which would mean that thousands of jobs will be cut. The space of the stores will be reorganised reducing the one dedicated to clothing while enhancing and expanding the food offering. Like other on High-street chains, M & S from the 2008 financial crash is struggling to adapt to changing consumer buying habits. As more people are shopping online, the smaller shops and shopping centres are losing their original appeal. The apparel industry has had a very difficult year: buyers have spent a lot more for food, accommodation and technology. The ten stores in China, where M & S has encountered many difficulties should close down followed by seven shops in France. In Belgium, Estonia, Hungary and Lithuania M & S is expected to close all stores jeopardising some 2,100 jobs. M & S currently has about 300 generalist stores, 640 convenience stores, 131 of which are mega supermarkets, and more than 400 stores are abroad. Tony Shiret, an analyst at Haitong, said M & S will probably have to close more than the 30 stores announced: “There are a lot of traditional stores that have not had a profit for a long time,” he said, suggesting the closure of 20% used setting the number to 60 shops.
Blood and tears for Marks and Spencer: 30 stores shut down but analysts suggest the number should be higher
