Street Stores: Clothing Sales and Closures M

street stores: The company is battling the transfer of clothing sales online and it had previously told the City to expect about 100 closures, according to The Guardian. M&S chief executive Steve Rowe said We can't flinch from making the changes we need to make to modernise the business. The retailer said it planned to close 72 of its big high street stores, on top of the 48 it has already shut. We need to learn the lessons of the past and churn our store estate continually. The 135-year-old mainstay of Britain's shopping streets was starting to show signs of recovery, Rowe claimed, although fresh sales falls in clothing and food sales meant the UK business shed 170m of sales in the year to 30 March. The news of the extra branch closures it is also shutting 25 of its smaller Simply Food convenience stores came as the company pointed to green shoots of recovery, despite annual profits being pulled down by a 440m bill for a modernisation programme. (news.financializer.com). As reported in the news.