Following an earlier (possibly slightly unfair) post about the lack of a proactive real estate strategy at M&S, there are reports that the new leadership at the company intends to close about 30 stores and rationalise others.
Marks & Spencer is expected to announce the closure of up to 30 stores next week as part of an attempt to revive the British retailer…Smaller outlets in flagging towns and shopping centres are likely to form the bulk of the closures, and other stores could be relocated or downsized over several years, potentially leading to thousands of job losses…Shopfloor space is expected to be reallocated, as the Guardian first reported earlier this year, meaning bigger food halls and smaller clothing areas. Unwanted floorspace could be given over to other businesses including retailers and restaurants
There’s a good piece in Retail Week outlining some of the community resistance that closures involving such an iconic retailer may produce. Even if it doesn’t mean the death of the high street, it’s a good corporate real estate strategy case study.