Marks & Spencer plans to invest over £30m in London stores this year.
- The investment includes two new foodhalls and modernisation of 12 locations.
- New foodhalls to open in Sidcup and Friern Barnet in June and August.
- London store upgrades align with broader UK expansion plans.
- M&S reports increased profits and sales, underpinning growth strategy.
Marks & Spencer has detailed ambitious plans to inject more than £30 million into its London stores throughout the financial year. This significant investment is set to create approximately 100 new jobs and underscores M&S’s commitment to expanding its footprint in the capital.
The planned investment includes the opening of two new foodhalls in Sidcup and Friern Barnet, scheduled for June and August. Additionally, 12 existing stores, including those in Chancery Lane, Teddington, Blackheath, and Islington, will be renewed and modernised. This initiative is part of a larger UK-wide strategy to open up to four new full-line stores, nine new foodhalls, and to complete around 25 store renewals over the course of the financial year.
Each of the twelve renewed London stores will be equipped with click & collect facilities, enhancing customer convenience and aligning with modern shopping trends. Sacha Berendji, Operations Director at M&S, expressed enthusiasm about the expansion, stating that these developments are a key aspect of their growth strategy. “We cannot wait to bring the magic of M&S to even more customers across the capital,” Berendji commented, highlighting the positive performance and customer attraction of their new and renewed stores.
The announcement of the investment comes amidst the release of M&S’s latest financial results for the 52 weeks ending 30 March 2024. The company reported profits of £716.4 million before tax and adjusting items. There was also a 5.3% increase in sales for their clothing and home division, with adjusted operating profit rising 21% from £323.8 million in 2022/23 to £402.8 million. This financial upturn provides a strong foundation for their ongoing transformation initiatives.
M&S is strategically investing in its London presence, backed by strong financial performance and a clear growth strategy.
