A new reshuffle for M&S?
The new boss of the M&S chain, Steve Rowe, is to close dozens of its UK stores and will stop selling clothing in others.
This comes after a decision was made to change its high street presence. The focus is to persuade the City that he can revive Britain’s best known retailer.
Rowe became the new leader earlier in the year and has announced he will close dozens of M&S shops as he looks to change the store portfolio.
Some sources said on Friday that the closures will take place over many years and would number “in the low dozens”. Other stores will see the relocation of the clothing, leaving space for its more successful food operations.
Rowe is set to announce his decision after the company’s recent lacklustre performance. He will try and convince investors of the new transformation.
The decision to shrink the number of clothes sold in stores comes after the competition the retailer faces from online rivals hitting the company’s market share. Inflation and the fall of the sterling are also expected to be a significant risk to M&S.
Even though several stores are expected to close, the overall number of branded M&S outlets are set to increase. Another 200 Simply Food stores are due to open by 2018-19.