Marks & Spencer are looking to speed up the process of closing under-performing stores.
According to Express.co.uk, M&S will be “reshaping” the clothing and home section in successful locations as well as focusing on online.
And while the high street retailer once spoke of opening more Simply Food stores, it looks like they will be putting that plan on hold.
There was a 5.3 per cent fall in the half-year figures, however bottom line profits increased from £25.1 million to £118.3 million in a year.
Chief executive Steve Rowe said: “The business still has many structural issues to tackle as we embark on the next five years of our transformation, in the context of a very challenging retail and consumer environment.”
In 2016, M&S CEO Steve Rowe shared on Good Morning Britain: “This is not the beginning of the end, this is the beginning of the beginning.
M&S teamed up with the lovable Paddington as he and Santa save Christmas in 2017 [Youtube]
“And what we’re doing is reshaping our estate to make it more relevant, more modern, and more appropriate to how customers are shopping.
“I’ve said today that we’ll remove clothing from around 60 stores in the UK, but the fact is we’re increasing the number of Simply Food stores by 200, and if fact M&S will have more stores in the future and more touch points with our customer base.
“What we’ve said is that we’ll take clothing and home from 60 stores, there will be about 30 closures of clothing and home stores in total, some will be relocated, some will become Simply Food stores. But the plan is over the next five years to increase the amount of stores we have.”
Since that time, only six of the 30 stores have closed.
This news comes shortly after the release of M&S’s Christmas 2017 advert, starring Paddington Bear.
Global brand and marketing director Rob Weston declined to comment on how much the advert costs to make.
However, he revealed to The Telegraph that it is ‘down on last year’.
Watch Marks & Spencer’s 2017 Christmas advert here.