Marks & Spencer fires warning to landlords over loss-making stores
Marks & Spencer has warned its landlords it will shut underperforming stores, placing property owners on red alert for further closures.
Landlords now expect M&S to shutter more stores than the 110 it has already revealed as part of its transformation plans, following a dinner with chair Archie Norman and chief executive Steve Rowe.
According to The Sunday Times, the duo told property owners that M&S would close any under-performing sites across the UK as it bids to downsize its UK estate of 1,036 stores and increase the proportion of clothing sales it makes online.
The retailer has also shelled out £750m to take its food business online as part of a joint venture with online grocer-cum-tech provider Ocado.
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