The long range plan at Marks and Spencer is to shrink its store chain by closing 74 of its clothing and homewares locations over the next ten years in a gradual process as its grapples with weaker demand and much reduced footfall. The business says it is committed to operating stores but that they need to be of the right size in the right locations to be viable in the current climate. The business has reported an annual loss of £201m, its first as a listed company in 94 years. M&S had suffered a significant drop in food sales in city locations during lockdown due to there being few office workers commuting in with most working instead from home, but had begun to reap the benefits of ts home delivery tie-up with Ocado.
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