Marks and Spencer injects £30m into new and revamped London sites
High street darling Marks and Spencer has announced plans to invest over £30m in new and renewed stores across London this financial year.
The Percy Pig-maker is opening two new fresh-market style food halls in Sidcup and Friern Barnet, as well as renewing and modernising up to 12 existing M&S stores across the capital including Chancery Lane, Teddington, Blackheath and Islington.
The investment is expected to support an estimated 100 new jobs.
Marks’ new 7,200 sq ft foodhall in Sidcup is set to open on the 19 June. Meanwhile a brand-new 18,000 sq ft foodhall in Friern Barnet will open this August.
The retailer currently has over 80 owned stores across Greater London and in recent years, has invested over £20m in its London store estate.
Sacha Berendji, operations director at Marks and Spencer, said: “We cannot wait to bring the magic of M&S to even more customers across the capital. Expanding our presence in London is 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]
“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.”
He added :”As the former Regional Manager for London, it’s brilliant to be spearheading that acceleration in the capital through this multi-million-pound investment and showcasing the very best of M&S quality, value and innovation.”
It follows an announcement from the firm last week that it would restore dividend payments after delivering its best results in almost three decades.
Commenting on the results, chief Stuat Machin said: “Two years into our plan to Reshape for Growth we can see the beginnings of a new M&S. Food and Clothing and Home grew volume and value share ahead of the market and sales increased across stores and online.
“Both businesses have now delivered 12 consecutive quarters of sales growth and this trading momentum gives us wind in our sails, and confidence that our plan is working. We are becoming more relevant, to more people, more of the time.”