Marks & Spencer is to downsize around 20 of its largest stores in expensive city-centre locations as part of its turnaround plan.
The department store chain is set to overhaul its flagship stores including the 160,000 sq ft store in Marble Arch, London.
The stores under review are mainly ones with over four or five storeys where the upper floors could be converted into residential or office space, City AM reported.
M&S has already shut several stores across the country as part of its turnaround strategy and its most recent store openings have been much smaller.
M&S has put together a team, led by director of asset management Andrew Turton and head of asset management Abhimanyu Agarwalla, and plans are reportedly in place to hire a finance manager and specialist surveyor to kickstart the project.
During a meeting last month, chief executive Steve Rowe told investors: “We are still evaluating all the opportunities. But what we do know is there are about 20 substantial opportunities within the portfolio for potential development in the future.”
Chair Archie Norman said: “We know we are not a property development company but there is potential there.
“We’re thinking about how we should treat the property best but it’s not straightforward. Will it release cash? In the short term it will absorb some cash too.”
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