Marks & Spencer stores in Kirkcaldy and Dunfermline have avoided the axe as the retail giant today announced it is to close more than 100 stores by 2022 as part of a “radical transformation” of its business.
Two Scottish stores: Falkirk and East Kilbride, along with outlets at Bayswater, Clacton, Darlington, Fleetwood, Holloway Road (London), Kettering, Newmarket, Speke, Newton Abbot, Northampton, Stockton and Walsall will close this year, with further announcements expected in the coming months.
Sacha Berendji, retail, operations and property director at Marks & Spencer said: “We are making good progress with our plans to reshape our store estate to be more relevant to our customers and support our online growth plans.
“Closing stores isn’t easy but it is vital for the future of M&S.
“Where we have closed stores, we are seeing an encouraging number of customers moving to nearby stores and enjoying shopping with us in a better environment, which is why we’re continuing to transform our estate with pace.”
The company added: “Alongside relocations, conversions, downsizes and the introduction of concessions, these closures will radically reshape M&S’s clothing & home space.”
The announcement comes just 24 hours before the retialer’s annual performance report which is expected to highlight struggle to keep apace with changing retail trends.
Tomorrow’s results are expected to confirm an underlying pre-tax profit across the group that has fallen six per cent to £573 million.