Shock as our M&S store is on ‘risk list’
ROCHDALE’S Marks and Spencer store features on a possible closure list published by retail experts.
Analysts have revealed the locations of more than 50 stores they claim could be vulnerable under the chain’s shock restructuring plans announced last week.
M&S is to close around 30 stores and downsize another 45.
The high street giant says it will cut back on its clothing offer after years of efforts to turn around falling sales and instead focus on food.
M&S said the closures come as part of an overhaul which will affect around 100 stores as it looks to cut back on clothing and home while boosting its Simply Food chain - but has not yet revealed which stores might close.
But market analysis experts at Local Data Company say they have identified the type of store that could be at risk of shutting - and Rochdale’s Yorkshire Street branch is on the list.
The report comes after council leader Richard Farnell said he had ‘absolutely no concerns’ about Marks and Spencer’s mooted new Rochdale store.
M&S was one of the first big names to sign up to the planned £100m Rochdale Riverside leisure and shopping complex around Baillie Street, when it announced it would be moving from Yorkshire Street.
Speaking last week Coun Farnell said: “The reason Marks and Spencer are moving to the new development is because the current store is too small. They are moving into a new store four times as big as the one they’ve already got, which will give them the opportunity to continue selling food and a much wider range of clothing and homeware. That’s why we’re very keen to get them in the new store, it secures Marks and Spencer in Rochdale, in a bigger and better store, for years to come.”
But the LDC says in a blog written by director Matthew Hopkinson that because of an ‘above average’ shop vacancy rate in the surrounding area M&S may be tempted to pull out of Rochdale.
It is not yet known if Rochdale’s existing M&S, or planned move to Rochdale Riverside, will be affected by the changes.
Details of the restructure came as M&S said underlying pre-tax profits fell 18.6 per cent to £231.3 million in the six months to October 1, while bottom-line profits crashed 88.4 per cent to £25.1 million. There are also plans to shut 53 stores in 10 foreign countries.