M&S mulls portfolio revamp

Marks & Spencer is expected to disclose plans for a 20-store revamp this year, in an effort to brighten up dismal trading figures out tomorrow.

It is anticipated the retailer will show a drop in profits over the past financial year of about 20 per cent, according to press reports.

The refurbishment programme, which has been allocated about£300 million, is thought to focus on big city centre stores and some smaller local stores.

M&S is also expected to unveil a greater focus on out-of-town retail parks, with a number of core format and Simply Food store openings planned. Some high street stores may be closed as the retailer relocates to more lucrative locations.