The BBC reports that UK-based Marks and Spencer is closing 100 stores - 21 of which already have been shuttered.
The closings are said to be part of a broader strategy, in which M&S moves one-third of its sales online and operates “fewer, larger clothing and homeware stores in better locations.”
The company says that these changes are “vital” for its long-term future.
The BBC writes that “retail veteran Archie Norman took over as M&S chairman last year. He said the retailer had been "drifting" and promised to speed up changes.
“That has included scaling back ambitions for its Simply Food chain. It had intended to open 40 stores this financial year, but has cut that number to 25.”
The closings are said to be part of a broader strategy, in which M&S moves one-third of its sales online and operates “fewer, larger clothing and homeware stores in better locations.”
The company says that these changes are “vital” for its long-term future.
The BBC writes that “retail veteran Archie Norman took over as M&S chairman last year. He said the retailer had been "drifting" and promised to speed up changes.
“That has included scaling back ambitions for its Simply Food chain. It had intended to open 40 stores this financial year, but has cut that number to 25.”
- KC's View:
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The first step in dealing with the future is recognizing that it isn’t going to the look the same. To operate under any other premise is to be guilty of epistemic closure.
