Marks & Spencer plans to close its flagship store on the Champs-Élysées in Paris, it has been reported.
Sources told Bloomberg the decision to close the Paris store was taken as part of chief executive Steve Rowe’s turnaround strategy for the business.
The three-floor, 15,000 sq ft store was opened by Rowe’s predecessor, Marc Bolland, in 2011. It marked M&S’s return to France - and Europe - after a 10-year hiatus.
In 2001 M&S closed all 38 of its stores in continental Europe, including 18 in France, while it concentrated on its UK business. However, in 2010 former executive chairman of M&S, Sir Stuart Rose, admitted the decision had been a mistake.
M&S said it did not comment on rumour and speculation, and that it would provide an update on its strategy on 8 November as previously announced.
Yesterday it emerged that M&S property director, Hugo Adams, is leaving the business to join SuperGroup in the newly created role of marketing and business development director.