News Marks & Spencer to shut further 40 stores

Discussion in 'Retail' started by Cody, May 21, 2018.

  1. Cody

    Cody

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    The Sunday Times reported that M&S could be shutting down a further 40 stores bringing their total closure to around 100, meaning plenty more job losses are to be expected. Currently 900 jobs have been affected so far with 20 stores that have closed.

    The rapid closure of these stores are all part of a plan to cut down underperforming stores, and was brought about due to better results from store closures that saw an increase in sales at out-of-town stores.

    An M&S spokesperson said: "We have been clear about our plans to accelerate our store closure programme and the action we must take to build a business with sustainable, profitable growth."

    This follows recent news of online retailers Ocado now being worth more than M&S in market value after striking a deal with US supermarket chain Kroger.

    Other UK retailers are also facing the same issue of these terrible retail conditions, with the likes of Mothercare, House of Fraser, New Look, Carpetright, Prezzo and more closing their stores down due to rising online competition such as Amazon and eBay.
    Wholesale Sportswear likes this.
  2. Jed

    Jed

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    This is what happens when landlords inflate the rent prices to ridiculous levels. And they wonder why the high-street is dying :rolleyes:
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  3. Cody

    Cody

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    I know right! Absolutely pointless. They seem to think increasing prices would still encourage consumers to spend - but how can they when everything goes up in price, and wages don't? Of course they're going to make savings by heading to the likes of eBay or Amazon for cheaper products.

    Lower prices = increased consumer spending. Lower the rents of these retail stores, lower the prices to combat the issue of digital marketplaces perhaps to increase consumer spend? That or give people a higher pay rise....
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