Under current CEO Stuart Machin, M&S is turbocharging that strategy. In the face of profit slumps, Rowe planned to shut more than 100 full-line stores by 2028, to adapt to wider adoption of online shopping plus fierce competition from other retailers such as Next, Primark and Zara. The plans were originally developed by former M&S CEO Steve Rowe in 2019. “They do a very small amount of clothing such as socks, underwear, T-shirts, and maybe one or two household goods like candles, but most of it is food.” M&S is pursuing a “Snickers before knickers” operation, sums up Richard Curry, partner and lead food store advisor at Rapleys property consultants. M&S hopes this modern design will be its new Marble Arch store in London In many cases, these branches are moving out of high street locations to more profitable out-of-town sites, while most of the clothing business migrates online. While still containing small clothing & home selections, these stores have been revamped to make food the star of the show. Though the multifloor megalith at Marble Arch is far larger than the typical M&S ‘renewal store’ – they are usually about the size of an Aldi, at 12,000 sq ft to 15,000 sq ft – the principle is the same. If greenlit, Marble Arch will be the highest-profile store in this ongoing – and controversial – renewal programme. It is frequently hit with petitions and complaints from locals and protesters whenever it closes a store, as it looks to break free from its legacy estate and prioritise food over clothes. It is a dramatic statement from one of the high street’s most emblematic institutions, which has been a primary shopping destination in the capital since opening in the 1930s.īut M&S is used to these sorts of battles. Unless the demolition is approved, the retailer vows to leave Oxford Street for good.
Yet its opponents are just as fierce, attacking M&S’s sustainability analysis and accusing it of “greenwashing claims on an epic scale”. Its plans to bulldoze and rebuild the iconic 100-year-old building are necessary given the site is “dangerous”, “inefficient” and ultimately “unfit for the future”. In a packed conference room at Westminster City Hall, Marks & Spencer is making its final stand as it battles for the future of its flagship Marble Arch store in London. Lumina Intelligence: UK Food & Drink Reports.
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