Marks & Spencer is set to beef up its presence in out of town and retail park locations following a major property review
Today chief executive Stuart Rose unveiled the review's conclusions. Rose said: ‘Our property review has identified opportunities in existing and new markets. Modernised stores are generating strong results.’
Property director Clem Constantine joined in February and was tasked with conducting a wide ranging property review of its portfolio.
As Property Week reported (News front page, 17.03.06), M&S will focus on extending existing space on major retail parks and taking new space. Over the next five years it plans to increase its total owned space by 15%-20% up on its current 13.3m sq ft (1.2m sq m) of space.
While out of town and retail parks will be a major focus for expansion, it is also continuing its £1bn refurbishment programme and will have modernised 35% of its space by Christmas.
High street stores and city centre stores will be extended, developed and relocated to reach its target of 70% of its total refurbished by Christmas 2007.
Today M&S unveiled its interim results to the City for the 26 weeks to 30th September 2006. Pre tax profit jumped 32.2% on the previous year to £405.1m up.