Marks and Spencer Group PLC (LSE:MKS) told shareholders today it would not leave city centres and move to out-of-town developments.
In response to a question at its AGM, chair Archie Norman pointed to plans for £38 million of investment in new stores in Bath and Bristol.
Since 2019, 110 high street M&S stores have closed but Norman replied: “No, we haven’t given up on the high street.
“We have a very important store rotation programme but we are absolutely not trying to leave city centres – that has never been our intention.
“We do have some older stores that are hard and costly to maintain and run so we have to look at that.”
M&S has been in a battle with the government over plans to renovate its Marble Arch store in the heart of London, where it has run into strong local opposition to its proposals.
Stuart Machin, chief executive, added its recent success meant it was catching up on rotations that should have happened over the past twenty years.
He added that £17 million will be spent on the new store in the centre of Bath, with £21 million on a new flagship store in central Bristol.
M&S added that all resolutions including those related to remuneration were passed at the meeting with little opposition
Shares were down 1.3% at 284.6p.