Marks and Spencer (M&S) is investing £30 million in its London stores, creating 100 new jobs and bolstering its presence in the capital. The investment will see the opening of two new food halls, one in Sidcup on June 19 and another in Friern Barnet in August. Additionally, 12 existing stores in London will undergo renovations to modernize them, including those in Blackheath, Chancery Lane, Teddington, and Islington. These renovations will encompass upgrades to bakeries, Flower and Wine shops, and expanded Click and Collect facilities, a popular service among M&S customers, with 63% of online orders collected in-store.
The investment is part of M&S’s growth strategy, recognizing the strong potential for expansion in London, where it holds a higher market share in food than any other region in England. This move comes on the heels of M&S’s recent announcement of its best financial results in nearly three decades, with profits for the year to March rising 58% to £716 million. Stuart Machin, the chief executive of M&S, has stated that the company’s financial health is ‘the best it has been in decades.’
In addition to the £30 million investment in its London stores, M&S is also expanding its convenience store presence in the capital. A new store has recently opened in Queensway, with another set to open in Shaftesbury Avenue later this summer. Over 15 convenience stores in London will also undergo renovations, including those at the Marylebone and Paddington stations as well as the Surbiton store. These openings and renovations are part of M&S’s broader plan to renew 25 stores across the UK, open nine new food halls, and introduce four new full-line stores.
The latest M&S store to open is Galleries, a shopping center in Washington near Sunderland, which welcomed customers on May 30th to a ‘bigger, better, fresher’ store experience.
