Marks & Spencer has signalled a vote of confidence in bricks and mortar retail, with the High Street giant revealing it will spend £12.5 million on London stores this year.
The FTSE 100 retailer which has more than 100 shops in the capital, said there will be two new openings: at Purley Way on Thursday and a foodhall in Earlsfield in the Autumn. A revamp of its Victoria Cardinal Place branch will also take place.
M&S, led by Stuart Machin, expects the expansion will create 200 jobs and it comes on top of £10.3 million the firm spent in the capital in its prior financial year to March 2023.
In addition the company will be serving even more commuters with a new foodhall in Liverpool Street Station and a relaunch of M&S at Waterloo Station through franchise partnerships.
Machin said: “M&S has been innovating in London for over a hundred years. We’re proud that many of our high street ‘firsts’ were born in the capital – from operating a chain of penny bazaars across London in the early 20th century, to opening our first ever Simply Food here in 2001. Today, a third of all M&S stores are located in London...and today’s investment shows that we are committed to offering shoppers in our great capital city the best of M&S for the next 100 years and beyond.”
The clothing and food group is underway with a major shake-up of its large estate which comprises over 550 stores.
It said in October it plans to close 67 “lower productivity, full line stores” over the next five financial years, but during the same period it will launch 104 more Simply Food shops.
One London site where M&S wants to do a redevelopment is at its Marble Arch branch, with proposals to demolish the Art Deco building and create a new modern and sustainable store there along with offices, a cafe and a gym.
The scheme has attracted strong opposition and the decision is now with the Levelling Up Secretary.
