viewMarks and Spencer Group PLC

From pants to pasta ... Marks & Spencer planning shake-up

New boss Steve Rowe intends to hitch the retailer's wagon more firmly to the foods side of the business.

M&S food hall
The food business has outperformed the general merchandise side

A big shake-up could be on the way at Marks & Spencer Group PLC (LON:MKS), with the retailer set to focus more on selling food.

Sky News reports that new boss Steve Rowe, who took over on 2 April and who used to be the executive director of General Merchandise, has shown little loyalty in his old division, and intends to hitch the retailer's wagon more firmly to the foods side of the business.

Rowe is also said to be planning to shut a number of shops as he attempts to revive the fortunes of the slumbering giant of the High Street.

According to Sky News, M&S plans to close a substantial number of shops, albeit over several years.

Many shops that will remain open will have more space allocated to selling food, and less to selling clothes.

As with any significant restructuring, the changes will lead to a significant one-off charge, according to Sky's sources.

The retailer could also follow the Tesco recovery blueprint and announce a cut-back on its overseas ambitions at a presentation to the City next week.

News agency Bloomberg reports that a number of store closures in China could be on the cards.

Shares were down 1.8% towards at the end of trading on Friday, and are down 24% year-to-date.

Quick facts: Marks and Spencer Group PLC

Price: 189.3 GBX

Market: LSE
Market Cap: £3.69 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Anglo Pacific hits new record as diversification strategy pays off

The Anglo Pacific Group (LON:APF) trading update is out on the back of a strong Q4 in 2019. CEO Julian Treger speaks to Proactive London about what's driven the numbers and how the continuing diversification of its investment portfolio together with working in different geographies has been...

1 hour, 28 minutes ago


Director/PDMR Shareholding

6 days, 1 hour ago

3rd Quarter Trading Statement

1 week, 4 days ago

Interim Chief Financial Officer

2 weeks, 3 days ago

Total Voting Rights

2 weeks, 4 days ago

Block listing Interim Review

2 weeks, 4 days ago

Holding(s) in Company

4 weeks ago

Holding(s) in Company

1 month ago

2 min read