Marks & Spencer invests £12.5 million in London stores to boost high street presence

Marks & Spencer (M&S) has announced plans to invest £12.5m in its London stores in 2023, indicating its confidence in physical retail.

The FTSE 100 retailer has over 100 stores in the capital, and two new locations will be opened, including a foodhall in Earlsfield in the autumn and a store at Purley Way on Thursday.

The expansion is expected to create 200 jobs, and is in addition to the £10.3m M&S spent on its London stores during the previous financial year.

The retailer is also launching a new foodhall in Liverpool Street Station and revamping M&S at Waterloo Station through franchise partnerships.

M&S CEO Stuart Machin says this investment shows the company’s commitment to offering London shoppers the best of M&S for the next century and beyond.

M&S has a large estate of over 550 stores and is undergoing a major shake-up.

In October, it announced plans to close 67 “lower productivity, full line stores” over the next five financial years, while launching 104 more Simply Food shops.

One of the sites where M&S plans to redevelop is its Marble Arch branch, where it has proposed demolishing the Art Deco building and creating a new, sustainable store with offices, a café, and a gym.

The proposal has faced significant opposition, and the decision is now with the Levelling Up Secretary.

M&S is demonstrating its commitment to traditional retailing by investing heavily in its London stores.

Although the retailer is closing many of its lower productivity stores, it plans to open even more Simply Food shops.

With the investment in physical stores, the company aims to offer London shoppers the best of M&S for the next century and beyond.

However, some of its redevelopment proposals, such as the one for its Marble Arch branch, are attracting criticism from the public, which could hinder the company’s plans.