British multinational retailer Mark & Spencer (M&S) has revealed plans to invest more than £30m in its London stores network during 2024 and 2025.
The commitment includes the launch of two new food halls and the modernisation of 12 existing stores across the city, as reported in The Standard.
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The initiative is expected to create 100 new jobs.
The investment is part of M&S’s store rotation programme, which aims to establish 180 higher quality, higher productivity full-line stores and 420 food halls.
The first of the new food halls will be a 7,200ft² fresh-market style location in Sidcup, opening on 19 June 2024.
This will be followed by an 18,000ft² store in Friern Barnet in August.
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By GlobalDataThe 12 stores set for renewal will see enhancements such as larger in-store bakeries, dedicated flower and wine shops, and improved click-and-collect facilities.
M&S operations director Sacha Berendji stated: “We cannot wait to bring the magic of M&S to even more customers across the capital. 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 multi-million-pound investment and showcasing the very best of M&S quality, value and innovation.”
The investment news follows M&S’s recent financial results for the 52 weeks ending 30 March 2024.
The retailer reported a significant 41.4% increase in profit before tax to £672.5m ($855.6m), up from £475.7m in the previous fiscal year, showcasing a strong financial performance and a positive outlook for the future.
