British retailer Marks & Spencer is reported to have told its landlords it would close more stores than the 110 already doomed by its transformation plan. In fact, all underperforming stores are said to be threatened.
Topman Steve Rowe and chairman Archie Norman would have told landlords at a dinner that more stores than originally planned would have to close, Retail Gazette reports. Last year, M&S already said 110 stores (85 supermarkets and 25 food stores) would have to close. It was immediately clear, however, that it was possible more stores were to follow - as Rowe already announced in August last year by saying that 110 was not a final number.
The retailer's transformation plan includes a shift to online sales, proof of which is an investment of a billion euros in a joint venture with online supermarket Ocado. Moreover, the plan aimed to reduce the physical store network.
Marks & Spencer has already closed 53 stores since 2016, most of which were located in smaller cities.