M&S to close 100 stores by 2022

M&S is set to close 100 stores by 2022, as part of a restructuring plan.

The British retailer says these closures are necessary for the evolvement of the brand with 14 stores to close over the next year. This reorganisation aims to move a third of Marks & Spencer's sales online in addition to having larger, but fewer, homeware and clothing stores in prime locations. It has been estimated that the latest closures will impact 872 employees, according to the BBC. Retail Operations Director for M&S, Sacha Berendji, says:

"We are making good progress with our plans to reshape our store estate to be more relevant to our customers and support our online growth plans. "Closing stores isn't easy but it is vital for the future of M&S. Where we have closed stores, we are seeing an encouraging number of customers moving to nearby stores and enjoying shopping with us in a better environment, which is why we're continuing to transform our estate with pace."

Three stores, Bayswater in London, Fleetwood Outlet in Lancashire, and Newton Abbot Outlet in Devon, are set to close by the end of July 2018. Clacton in Essex and London's Holloway Road will shut early next year. Another nine shops have been proposed for closure including Darlington, East Kilbride and Falkirk in Scotland, Kettering, Newmarket, New Mersey Speke, Northampton, Stockton and Walsall. This is part of a five-year plan undertaken by M&S bosses and The Guardian reports that one in three of its 'core home and clothing' shops will close.