// M&S chief executive Stuart Machin has proposed that the retailer should move its HQ outside of Central London
// The department store’s lease expires FY28 and he said he doesn’t see the businesses needing a large office in the capital
Marks & Spencer is mulling the prospect of leaving or radically downsizing its central London head office, Retail Week has reported.
At this week’s investor day during a presentation, the department store‘s chief executive Stuart Machin questioned the need for big central London offices.
He said that switching up working patterns while focusing on greater flexibility, much like other businesses during the pandemic, alongside greater cost efficiencies would justify a move out of central London.
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Machin said that over the next year years, there’s an opportunity to “work quite differently” in its head office.
He said that the lease will run out in FY28 and that he doesn’t see the businesses needing a large office like this in central London.
“We’ve got a chance over the next few years to plan for that, to have smaller hubs around the country and to do that in the most cost-efficient way, but also to do it where we can attract the best talent from across the whole of the UK.”
Marks & Spencer’s current HQ, Waterside House, covers 11 storeys and 237,800 sq ft.
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1 Comment. Leave new
M&S will save a huge amount of money by moving out of central London and benefit their office staff too. I’ve moved my own business HQ to the East Midlands and thereby reduced overheads by no less than 75%, saving many hundreds of thousand pounds without any effect on operational efficiency. The overall cost of living is much lower here too. I can thoroughly recommend the move.