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M&S told to close unprofitable stores

One of Marks & Spencer’s largest shareholders, Columbia Threadneedle, has reportedly told the firm to close some of its “vast” store estate, ahead of the unveiling of new CEO Steve Rowe’s strategy for the firm.

Marks & Spencer

Marks & Spencer

Marks & Spencer

A source from the asset management firm told the Telegraph the retailer’s property portfolio is one of its biggest “headaches”. The business is understood to be analysing shop closures and the introduction of concessions in a bid to turn around its ailing fashion sales.

As part of his plan for M&S Rowe has already restructured the womenswear buying teams and has shaken up the senior management structure.

He will detail the rest of his strategy on Wednesday May 25, when the retailer is expected to post a 2% rise in pre-tax profits, to £673m.

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