Marks & Spencer To Close 67 Stores While Opening 104 Food Stores Over Next 5 Years
(RTTNews) - Marks & Spencer Group Plc (MAKSY.PK, MAKSF.PK, MKS.L) said Wednesday it will invest 200 million British pounds across the C&H and Food divisions over the next few years while reshaping for growth and value creation, according to an investor presentation made by Chief Executive Stuart Machin and Co-Chief Executive Katie Bickerstaffe.
The company is also looking to build towards about 400 million pounds in underlying cost savings from overheads.
The retailer will close 67 lower productivity full line stores, while opening 104 more high productivity, high quality Food space over the next five years, but aiming for three years.
The company is also looking to more than double international operating profit by fiscal 2028, with India revenue CAGR target of 20% and strengthening markets in Indonesia, Middle East and Asia.
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