M&S to invest £300m in new, upsized and refurbished stores

Marks & Spencer is investing £300 million in new, upsized and "renewed" stores this financial year, with over 300 locations being considered for new stores across the UK, "from Elgin to Exeter".

The British high street giant is planning to open 16 new stores, which will include two full-line stores, two outlet stores and 12 food halls, while also upsizing nine stores and refurbishing a further 12.

In the last year, M&S has signed 47 deals for new and renewed stores to open by FY 2028 – more than the previous three years combined and marking “a significant acceleration in momentum” in its investment across its owned estate.

It means M&S aims to have 180 full-line stores and 420 food halls delivering the best of M&S food, fashion, home and beauty by the end of FY 2028.

M&S CEO, Stuart Machin, said: "This year we are stepping up the pace of our programme and investing over £300m to rotate and renew stores across the country.

"We have a rigorous strategy to make sure we have the right stores in the right places, and this year we will deliver 37 new and renewed stores with the best of our food, fashion, home and beauty to our 32 million customers."

Earlier today, Machin also said that he hoped the impact of the cyber attack on M&S over the Easter weekend, which is estimated to hit the retailer’s profits this year by around £300 million, would be over by early August, with online operations "running fully" within four weeks.

M&S has also previously announced plans for brand new full-line stores in Bath, Southgate and Bristol, Cabot Circus.