Britain's M&S to invest $587m in store estate

Business Jan, 17 2023

LONDON (Reuters) - British clothing and food retailer Marks & Spencer (MKS.L) plans to open 20 new, bigger stores in its 2023-24 year as part of a radical overhaul of its store estate that will see it invest 480 million pounds ($587 million). The 139-year-old group said on Monday the investment would generate more than 3,400 new jobs across the United Kingdom.

M&S’s move shows the continuing importance of physical stores to retailers despite the rise of online shopping over the last two decades. M&S and fellow clothing retailers Next (NXT.L) and JD Sports Fashion (JD.L) have all highlighted a post-pandemic swing from online shopping back to physical shopping in the Christmas trading period.–Agencies

Published in The Daily National Courier, January, 17 2023

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