Marks & Spencer decides to shut down over 100 retail shops by 2022
Category: #retail  By Dhananjay Punekar  Date: 2018-05-24
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Marks & Spencer decides to shut down over 100 retail shops by 2022

Marks & Spencer PLC, a UK-based retail firm, has unleashed its plan to shut down nearly a hundred shops by 2022 under its store closure venture. Reportedly, the firm is shutting down one among its three main clothing & home branches across the country. The strategic move is likely to render thousands of M&S employees in the country jobless.

As per the official company statement, the closures were a result of its loss-making retail business. However, the shopworkers’ union has charged the firm of ‘salami slicing’, as they struggle to come to terms with a third stream of store closures.

The UK retailer has declared that it has confirmed the locations of only thirty-six of its retail stores that need to be closed, so far. The issue of closures commenced when Steve Row, the CEO of M&S, had stated that he will reduce the shop floor space that is allocated to M&S’s clothing ranges. As per its expanded programs, the firm is likely to reduce twenty-five percent of the floor space dedicated to clothing & homewares.

For the record, M&S owns over a thousand retail stores in Great Britain, out of which three-hundred sell clothes, food, and homeware.

It has been speculated that another sixty-four branches of M&S are likely to be closed in the future, which has created a state of uncertainty for the firm’s employees. The retail store closure program has reportedly impacted nearly fifteen-hundred employees among the seventy-thousand personnel at the UK stores. Three stores of M&S, namely, Newton Abbot, Bayswater, and Fleetwood are expected to be shut down in the second half of this year. It has been reported that Clacton-on-Sea and Holloway Road will be shut down at the beginning of the coming year.

Reputed stores of the firm, including Newmarket, Northampton, Darlington, Stockton, East Kilbride, Kettering, New Mersey Speke, Falkirk, Walsall, and Stockton are projected to be shut down in the near future. However, M&S has stated that it will relocate employees before considering the closure of these supermarkets.



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Dhananjay Punekar

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Dhananjay Punekar

Dhananjay Punekar presently develops content for a slew of portals, including Market Size Forecasters and Algosonline. A post graduate in mathematics and business administration, he worked in Infosys BPO Limited prior to switching his professional genre. As a content wr...

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