Marks & Spencer (M&S) plans a significant investment in London, aiming to transform its retail landscape.
- The retailer is set to open two new foodhalls in Sidcup and Friern Barnet by August 2024.
- Modernization of 12 existing stores, including Chancery Lane and Islington, is also in the works.
- This initiative aligns with M&S’s broader strategy to enhance its UK presence with new openings and renovations.
- The investment is expected to create around 100 new jobs, boosting local employment.
Marks & Spencer has announced an ambitious plan to invest over £30 million in its London-based stores throughout this financial year. This substantial commitment underscores the company’s strategy to expand and modernize its footprint in the capital, aiming to attract a wider customer base.
The investment will see the addition of two new foodhalls located in Sidcup and Friern Barnet, slated for opening in June and August, respectively. These new establishments reflect M&S’s efforts to enhance convenience for its London customers.
In conjunction with new openings, 12 existing stores across locations such as Chancery Lane, Teddington, Blackheath, and Islington are set for significant modernizations. These upgrades are expected to include the implementation of click & collect facilities, aligning with current retail trends towards integrated shopping experiences.
This financial endeavor is part of M&S’s overarching plan to introduce up to four new full-line stores, nine new foodhalls, and approximately 25 store renewals across the UK this year. Such expansions are integral to the company’s growth strategy, as emphasized by operations director Sacha Berendji, who expressed enthusiasm about reaching more customers in London.
M&S’s initiative is further supported by its recent financial performance, reporting pre-tax profits of £716.4 million for the year ending March 2024. Sales in the clothing and home division rose by 5.3%, with operating profit increasing significantly from the previous year, indicative of a strong business momentum.
M&S’s substantial investment in London underscores its commitment to growth and modernization, promising enhanced retail experiences for its customers.
