London — Marks & Spencer Group plans to close about one-third of its large UK stores over the next four years, as the retailer belatedly adapts to the rise of e-commerce. M&S would close more than 100 stores that sell both clothing and food by 2022, the company said in a statement on Tuesday. The London-based retailer intends to increase the proportion of online clothing sales to one-third, from about 18% now. The shares fell as much as 2.9% in London, giving back Monday’s gains. "This will probably still leave them with too much store space," said Bloomberg Intelligence analyst Charles Allen. "M&S has to get its clothing-and-home stores down to a much smaller number unless they can demonstrate there is a real purpose to them." After years of putting off store closings, M&S is taking more drastic action to halt its loss of market share to online rivals and discounters under chairman Archie Norman. J Sainsbury’s $10bn acquisition of Walmart’s Asda will create the UK’s largest retaile...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.