Marks & Spencer’s dramatic store closure programme to streamline its estate and focus on online sales “must be applauded”, according to analysts.
Yesterday the retailer announced plans to close 30 stores and reduce the offering in others as it reeled from a £201.2 million loss in the year to April 3.
Despite the dramatic shift into the red, analysts believe the retailer’s efforts to modernise its offering, moving away from large numbers of stores towards a more digitally focused offering, is a largely positive step.
According to Hargreaves Lansdown’s equity analyst Sophie Lund-Yates the “work being done to streamline the store estate and drag more of the business online must be applauded”.
