M&S to invest £30m in London stores

Marks and Spencer (M&S) has announced plans to invest more than £30 million in new and renewed stores across London.

The retail chain said that it will open two new fresh market style foodhalls in Sidcup and Friern Barnet, as well as modernise up to 12 existing stores across the capital.

Stores being modernised include those located at Chancery Lane, Teddington, Blackheath, and Islington.

The investment is expected to create an estimated 100 new jobs.

The move comes as the company announces plans to open up to four new full-line stores, nine new foodhalls, and roll out around 25 store renewals across the UK over the course of the financial year.

"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," said Sacha Berendji, operations director at M&S and former regional manager for London. "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."

The retailer said that customers at the 12 renewal stores across London will benefit from bigger in-store bakeries and dedicated flower and wine shops. The stores will also include Click & Collect facilities, with the company revealing that 63 per cent of its customers collect their online orders in store.

The investment is part of M&S’ store rotation programme, targeting 180 higher quality, higher productivity full-line stores and 420 foodhalls.

M&S currently has over 80 owned stores across Greater London and in recent years, has invested over £20 million in its London store estate.

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