Tuesday, August 9, 2022

Speculation M&S could shut down Paris flagship

Marks & Spencer is reportedly set to shut down its Paris flagship store in order to focus on its UK business.

According to business news wire Bloomberg, a source has said the retailer would announce the decision on November 8 in conjunction with its next trading update.

The 15,000sq ft store in Paris was opened just six years ago by former chief executive Mark Bolland.

The department store chain currently has 480 branches across Europe, Asia and the Middle East.

READ MORE: M&S to cull 525 jobs from London HQ

In its last financial year, it recorded a 37 per cent drop in international profits as a result of a weak performance in Europe and the declining value of the sterling in the wake of the EU referendum.

M&S told the Retail Gazette that they do not comment on speculations.

Since Steve Rowe took over from Bolland in spring this year, he has focused a recovery plan on general merchandise sales and implementing cost-saving measures such as the culling of 525 jobs from head office. 

However, it appears to be a long way off from achieving full recovery, as first quarter results fell short of expectations.

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