Britain's 135 year old fashion street, Marks and Spencer is currently closing its stores. A new batch of 20 stores will be getting locked down as profit is perpetually declining. The brand has been of closing 72 of their high street stores, out of which 48 are already done shutting. Adding to which 25 smaller stores also got locked down.
The luxury brand is currently shifting towards to full-line stores, including clothing, and food. M&S has been fighting its competitor Debenhams which got the lead last month. Debenhams has also been planning for same category of stores. They plan to open 95 such stores by five years.
"This is not just closure programme"
With over 1000 stores, amongst which 75 are such stores which withstand the second world war. The company is adamant in the closure plan, it wants to cut off every unprofitable store. The annual profit has gone down by €440M because of the bill of company's modernisation programme. The Chief Editor, Steve Rowe said:
“We can’t flinch from making the changes we need to make to modernise the business. We need to learn the lessons of the past and churn our store estate continually.”
Because of the change in shopping behaviour, the brand also need to embrace the change rather than getting engulfed by it. This change has made the fifth part movie online. Shift to the online market is also in the modernisation programme.25% of reduction in the selling space of home and clothing has also been included in the programme.