Bosses at Marks & Spencer have mentioned they won’t “go away metropolis centres” amid criticism from shareholders over transferring some shops to out-of-town developments.
It got here because the retail large introduced plans to speculate £38 million in main new excessive avenue shops in Bathtub and Bristol at its annual basic assembly in west London.
The retailer has undergone a sweeping overhaul beneath chief govt Stuart Machin, and former boss Steve Rowe, which noticed the group shake up its retailer property.
In 2019, the division retailer chain launched 110 retailer closures as a part of the plans, affecting a lot of its longstanding excessive avenue outlets.
The agency’s bosses had been requested whether or not they have “given up on the excessive avenue” on the AGM on Tuesday, amid considerations they’re shifting more and more in the direction of retail parks.
Chairman Archie Norman mentioned: “No, we haven’t given up on the excessive avenue.
“We now have a vital retailer rotation programme however we’re completely not attempting to go away metropolis centres – that has by no means been our intention. We do have some older shops which can be arduous and expensive to take care of and run so we have now to take a look at that.”
Stuart Machin, Chief Govt of M&S, mentioned the programme of closures, refurbishments and relocations follows a earlier lack of crucial funding.
“Our retailer rotation is known as a catch-up programme on the final 20 years as we have now beforehand underinvested,” he added.
On Tuesday, the retailer confirmed that it’s investing £17 million in a new retailer within the centre of Bathtub, and £21 million on a brand new flagship retailer in central Bristol.
It mentioned these are anticipated to create round 150 jobs.
On the assembly, shareholders voted closely in favour of the group’s pay deal for bosses, who’ve led M&S shares 45% larger over the previous yr.
Stuart Machin noticed his pay leap by round £2 million to £4.7 million final yr, on the again of a bigger bonus and long-term share awards.
Exterior the AGM in Paddington there was a protest by campaigners for Peta (Individuals for the moral therapy of animals), with a supporter dressed as an alpaca.
It got here after M&S reversed its ban on alpaca wool and mentioned it will introduce the Textile Change’s Accountable Alpaca Commonplace (RAS).
An M&S spokeswoman mentioned: “We don’t have any alpaca yarn in our merchandise however up to date our coverage final yr after a cautious assessment of the up to date trade welfare requirements reassured us that ought to we reintroduce it sooner or later, our strict animal welfare necessities can be met.”
