Marks & Spencer is aiming to accelerate its store rotation programme to create an estate of around 180 full-line and 400 M&S food stores by the 2028 financial year.
The retailer said that is has been “constrained by its historic failure to modernise a legacy store base” for many years.
M&S recently announced that it would be investing £80m into its “biggest ever” month of store openings in November. Its latest store, in Birmingham’s Bullring, opened on Tuesday.
This comes as the retailer releases its results for the first half of the 2024 financial year, a period during which it decreased the size of its full line and food estates by two stores each.
During the period, which comprised the 26 weeks ending 30 September 2023, the retailer’s store rotation included the relocations of full line stores at Leeds White Rose and Liverpool ONE as well as the opening of a new, smaller line format at Purley Way, Croydon.
M&S renewed an additional six stores during the period, which it said were “performing well” and exceeding its objectives. During the second half of the year, M&S said it has a further six renewals planned, which – alongside new stores – will bring the total number of new stores to 108 in M&S’s new format.
Over the first half of the year, M&S recorded a pre-tax profit of £360.2m, a year-on-year increase from £205.5m. Food sales were up by 14.7% year-on-year, whilst clothing and home sales increased by 5.7%.
Stuart Machin, M&S chief executive, said: “Looking ahead, trading momentum has been maintained through October, with customers responding positively to our Christmas ranges. There will be challenges and headwinds in the year ahead and progress won’t be linear, but we are ambitious for future growth and are driving what is in our control.”