Marks & Spencer is to invest £30m in modernising existing stores and opening new ones in London.
Marks & Spencer will invest in the current financial year when it intends to open at least two new food halls and renew up to 12 existing branches.
The initiative is part of M&S’ push for ‘bigger, better stores’. Overall, it aims to open four new full-line stores and nine new food halls, plus 25 renewals, across the UK.
In the capital, Sidcup in southeast London and Friern Barnet in the north are slated for food halls. Branches to be renewed include those at Chancery Lane, Teddington, Blackheath and Islington. Features of renewed stores include bigger in-store bakeries and click-and-collect facilities – 63% of the retailer’s customers collect online orders in-store.
M&S operations director Sacha Berendji said: “Expanding our presence in London is a key part of our growth strategy – our market share in food is higher here than any region in England and there is plenty of untapped potential.
“Our new and renewed stores are performing ahead of forecast and attracting new customers, giving us the confidence to keep accelerating our store rotation strategy. As the former regional manager for London, it’s brilliant to be spearheading that acceleration in the capital through this multimillion-pound investment and showcasing the very best of M&S quality, value and innovation.”
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