High street grocer M&S is investing £12.5 million into developing its London store portfolio this year, with a pipeline of new stores set to create 200 new jobs for Londoners.
The move will see M&S building on the success of its £10.3million investment within the capital last year, totalling £23million and 400 jobs over a two-year period.
M&S Foodhalls are an integral part of the retailer’s ongoing renewal programme in London, with its overall food market share higher in London (4.1%) than elsewhere. The retailer – which recently extended its price lock guarantee on over 100 customer favourites – says its variety of store formats in the capital ensures its is “set up to serve all our customers in all their shopping missions”.
A new 38,000 sq ft store is opening later this week in Croydon’s Purley Way, with a new Foodhall in Earslfield opening later this year. The Victoria Cardinal Place store is also undergoing a full makeover.
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A new Foodhall in Liverpool Street Station and a relaunch of Waterloo Station – both operated through franchise partnerships – will also allow M&S to continue growing sales for grab-and-go items like salads and sandwiches, which are already higher in London than other cities in the UK.
Chief executive Stuart Machin commented: “Today, a third of all M&S stores are located in London – whether in train stations, shopping centres, or high streets – 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.”
Previous investment in London’s M&S Foodhalls has proven successful with the Earls Court, Woolwich, Tolworth and Kingston stores all being refreshed in 2022 to deliver “increased product ranges and an elevated shopping experience”.
Food sales at the Woolwich store have more than doubled since the store’s renewal, while Kingston has seen a food sales uplift of 25%.
M&S recently invested £57 million in increasing the hourly pay of its in-store colleagues, boosting their rate of pay by 70p to £10.90 per hour.