Marks & Spencer’s store closure plans are accelerating as it battles a “significant” rise in costs against a tougher economic backdrop (The Times £).
Marks & Spencer is planning to close 25% of its bigger stores selling clothing and homeware while opening more than 100 new Simply Food outlets, as it speeds up its turnaround plan in the face of a “difficult economic backdrop” and rising costs (The Guardian).
The retailer is also opening more than 100 Simply Food stores, aiming to have 420 within the next five years (The Telegraph). It follows a stronger performance from that division in recent years, compared to clothes and homeware. The switch from large department stores to smaller food shops is expected to save M&S more than £300m in rent, the company said.
Discount retailer Poundland said its revenue had been boosted by a rise in the number of shoppers wanting to save money on food (The Times £).
Jacinda Ardern’s plan to cut methane emissions by imposing a tax on New Zealand’s cows and sheep has provoked a furious reaction from the country’s farmers (The Financial Times £).
A feature in The Financial Times (£) magazine looks at how Walmart convinced critics it can sell more stuff and save the world, and why antagonists such as environmentalists and philanthropists have partnered with the world’s largest retailer.
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