Yahoo Finance M&S to invest £30 million in London store estate and boost jobs
MARKS & Spencer is to invest another £30 million in its London stores over the next year, including the opening of two new foodhalls and the creation of 100 new jobs.
The retailer in basking is a renewed sense of confidence on the back of its best financial results in almost three decades last week.
Profits for the year to March rose 58% to £716 million, a turnaround many years in the making, after some City analysts had written it off as too old fashioned for the modern shopper.
Instead it has attracted hundreds of thousands of new customers with a revamped clothing and food offer.
Today it said it will give a multi-million pound facelift to 12 M&S stores in the capital and open two fresh-market style foodhalls in Sidcup and Friern Barnet.
The stores to be modernised include those in Islington, Chancery Lane, Teddington and Blackheath.
The Sidcup store should open later this month with the one in Friern Barnet coming in August.
Sacha Berendji, Operations Director at M&S, said: “We cannot wait to bring the magic of M&S to even more customers across the capital. Expanding our presence in London is a key part of our growth strategy – our market share in food is higher here than any region in England and there is plenty of untapped potential.”
Customers at the 12 renewal stores across London will benefit from bigger in-store bakeries, dedicated Flower and Wine shops. Each will also have Click & Collect facilities – 63% of M&S customers currently collect their online orders in-store.
M&S has over 80 stores across Greater London and in recent years, has invested over £20 million in its London store estate.
M&S chief executive Stuart Machin says the retailer’s financial health is “the best it has been in decades”.
Last year it sold 60 million pairs of knickers 114 pairs a minute.
