Marks and Spencer released their half-year result. The notable consequence of the announcement is the closing down of thirty United Kingdom clothing and homeware stores. The fashion side of the business has been struggling; total sale declined by 5.3%. M&S announced it would have about sixty less clothing and homeware stores in the next 5 years. This is a turnaround plan by Steve Rowe, Chief executive of M&S, which will see it open 200 new food stores as it moves away from disappointing fashion sales
M&S also announced that it would close 10 loss-making shops in the international markets, including France & China. The statements came as M&S reported falling sales and profits in the 6 months to the end of September.
Steve Rowe said of the UK store closures: “This is about building a sustainable, more profitable business that’s relevant for our customers in a digital shopping age.
The good news is that with the new food shops opening, M&S would have more physical shops in more towns in the UK. The retail company has more than 300 full-range stores, which sell clothing, homeware and food, and almost 600 Simply Food shops in the UK.