M&S to close its Freeport store

UK top 10 clothing market shares 2008 and 2018. Source Global Data Retail Intelligence Centre May 2018

Calum Telford, head of region for East Anglia at Marks & Spencer, said: "Proposing to close M&S Newmarket has been a hard decision".

The firm, which has struggled in recent years aside from its food offering, wants to trim its estate.

The figure of more than 100 closures includes 21 that have already shut and 14 stores newly identified for closure. Alongside relocations, conversions, downsizes and the introduction of concessions, the closures are expected to "radically reshape" the retailer's clothing and home space.

Marks & Spencer retail, operations and property director Sacha Berendji described the closures as not easy, but "vital for the future of M&S". "Where we have closed stores, we are seeing an encouraging number of customers moving to nearby stores".

M&S now has a host of stores across Kent including outlets in Canterbury, Westwood Cross, Ashford, Whitstable, Sittingbourne, Hempstead Valley and Maidstone.

M&S chief executive Steve Rowe said in November 2016 that 30 United Kingdom stores would close before the plans were subsequently scaled-up and accelerated.

It was accelerated a year later when Archie Norman, a retail veteran and former boss of Asda, arrived as chairman.

M&S faces unrelenting competition both in clothing and food on the high street and online, while efforts to revitalise its business are being hampered by an ongoing squeeze on consumers' spending power.

Italy to decide on new PM for eurosceptic government
If the Italian president accepts Mr Conte's nomination, despite his total lack of political experience, he could be... The office of President Sergio Mattarella announced Conte has been summoned for a meeting Wednesday afternoon.

RBSE 12th Commerce, Science Results Declared @ Rajresults.nic.in; Check Now
The board is the sole body responsible for the development and promotion of secondary education in the state. Candidates can visit the official website, rajeduboard.rajasthan.gov.in, to check for updates.

Spying on Trump Campaign Bolsters Calls For Second Special Counsel
She said for legal and political reasons, Trump should keep his hands off the investigation and let it play out. The "ranking members" are the top minority party members on each committee.

The nine remaining stores will enter a consultancy period with 626 impacted employees, who will either be redeployed or made redundant.

Online shopping accounts for 22% of non-food retail sales in the United Kingdom, according to the British Retail Consortium.

Shares in M&S have nearly halved in value since peaking at 594p in 2015.

The chain is to close 100 stores by 2022 as it accelerates a transformation programme.

"In 2018 GlobalData forecasts its shares will be 7.6% in clothing - virtually halving in two decades".

The convenience cuts mean 25 small format food stores will open this year, compared to the 40 previously planned.

HSBC analyst Paul Rossington said: "We have previously argued that focus on convenience/food-to-go and a premium own-label offer afforded M&S a defensible point of differentiation".

The closures, planned to "make M&S special again", come as the company announces a decrease in sales and profits in food, clothing and home product categories.

Related news:

Hot News

isis-killer-beheading-video-story-top North Korea allows South Korean journalists to cover nuke test closing
May 23, 2018 - 20:10
The South Korean journalists were left in Beijing and eventually returned to Seoul as the North refused to grant them visas. The train trip was expected to take 8-12 hours, followed by several hours on a bus and then an hour hike to the site itself.

isis-killer-beheading-video-story-top Woman accuses R. Kelly of sex abuse
May 23, 2018 - 18:53
Rodgers alleges that Kelly would video-record her against her will "submitting to deviant and compromising sexual contact". The lawsuit said that he initiated unwanted sexual contact , and that they had non-permissive painful and abusive sex .

isis-killer-beheading-video-story-top Hawaii lava causes fireworks-like explosions
May 23, 2018 - 18:27
Hawaii County Civil Defense officials said if lava interacts with the wells, it could release unsafe hydrogen sulfide gas. Equipped with just a fire extinguisher and a garden hose, he's been spraying down the molten rocks that hit the house.

isis-killer-beheading-video-story-top ACLU: Amazon shouldn't sell face-recognition tech used in Oregon to police
May 23, 2018 - 18:25
According to the ACLU, some law enforcement agencies in California have shown interest in recognition technology. Microsoft offers a rival service, called Facial Recognition API.

isis-killer-beheading-video-story-top Post-mortem finds abducted student Jastine Valdez was strangled to death
May 23, 2018 - 18:20
Gardai have renewed their appeal to the public regarding information in the Enniskerry abduction of Jastine Valdez. GardaĆ­ believe Ms Valdez was attacked and bundled into a vehicle as she was walking to her home.

isis-killer-beheading-video-story-top Pulitzer Prize-winning Philip Roth dies aged 85
May 23, 2018 - 15:54
Roth refused to comment on her claims to "Sunday Morning", saying "I don't want to comment on libels". In 2007, Roth killed off Zuckerman, who was by then 71, incontinent and impotent, in " Exit Ghost ".

isis-killer-beheading-video-story-top Congo announces six new confirmed cases of Ebola virus
May 23, 2018 - 15:41
The funds are going to World Health Organization in support of its joint strategic response plan with Congo's government. Last Thursday, a first case was reported in Mbandaka, an event that triggered global concern.

isis-killer-beheading-video-story-top Sterlite violence: HM seeks report on deaths, court stays construction
May 23, 2018 - 15:25
Anbumani Ramadoss of the Pattali Makkal Katchi said what happened in Tuticorin is a cold-blooded murder by the police. Congress president Rahul Gandhi termed the killings a "brutal example of state-sponsored terrorism".

isis-killer-beheading-video-story-top Crude prices reaching top of wave and new direction likely
May 23, 2018 - 14:55
Energy Information Administration, which sees inventories having bottomed out in the first quarter at 2.812 billion barrels. Due in part to the involuntary drop in Venezuela's output, OPEC is over-delivering on the agreement.

isis-killer-beheading-video-story-top Trump proposes large fine, management changes for ZTE
May 23, 2018 - 10:33
Republicans *have* been willing to defy POTUS when it comes to punishing rival powers for threatening US national security . Trump's policy team is deeply divided and is susceptible to pressure from America's politically pivotal farm belt.

isis-killer-beheading-video-story-top Netflix, Ryan Reynolds, Michael Bay team up for Six Underground
May 23, 2018 - 10:32
Six Underground will be a co-production between Netflix and Skydance Media, who announced the project with a press release . Reynolds will definitely be the film's star on Six Underground with all eyes on a summer 2019 release.

isis-killer-beheading-video-story-top Facebook's Zuckerberg Apologizes to EU Lawmakers
May 23, 2018 - 10:32
The tone of questions from the start was much sharper, and much harsher, than those that Zuckerberg faced in U.S. Tanjani added that the MEPs used up much of the allocated time despite knowing Zuckerberg's time was limited.

isis-killer-beheading-video-story-top Faf steers CSK into final
May 23, 2018 - 03:27
The script was eerily similar for both the teams , but there could have been only one victor . Bhuvneshwar Kumar struck in the first over to take Shane Watson out for a duck.

isis-killer-beheading-video-story-top Trump Proposes Cutting Planned Parenthood Funds. What Does That Mean?
May 23, 2018 - 03:25
Dawn Laguens, executive vice president of Planned Parenthood Federation of America, said in a written statement. "No matter what. It took the lead in the abortion business in this country when a NY affiliate began performing the procedures in 1970.

isis-killer-beheading-video-story-top Reasons Why showrunner on season 2's assault and school shooting story lines
May 23, 2018 - 03:25
Even with the warnings, many felt that they weren't prepared for what they saw. 13 Reasons Why is now streaming on Netflix . Meanwhile, many viewers have deplored a brutal assault scene in the final episode as unnecessarily graphic and upsetting.