Marks and Spencer has announced it will is set to open 104 new Food stores in the next five years.
The move comes as the retailer announced it will be closing 67 of its “lower productivity” stores in that period due to a major restructure, in an effort to save £300 million.
Instead, in the next five years M&S revealed that it will be opening 104 new “bigger and fresher” ‘Simply Food’ stores, despite bosses aiming to complete this in three years. The move comes as speeds the high street retailer faces a difficult economic backdrop and ongoing rising costs amid the cost-of-living crisis.
However, the high street retailer has not revealed which stores will be closing.
M&S currently has 254 shops selling both food and clothes, with 30 stores already closing due to the Covid-19 pandemic.
The news comes as M&S announced its plans to invest £15 million into a support package for its front-line colleagues during the cost-of-living crisis.
