Marks & Spencer unveils its new 148,000 sq ft Cheshire Oaks store today. The City welcomed new innovations in store but retained some reservations

“The new Cheshire Oaks store showcases large, new look beauty and home departments and multichannel hubs. It is a vast store and so has the luxury of space. This is not the case in the majority of the estate. Furthermore, some areas were less impressive, such as impersonal M&S woman areas and at times weak in-store signage. M&S is spending £2.4bn - we do not believe it will generate acceptable returns on this.” - Bethany Hocking, Investec 

“Although it has made strides, M&S has much to do still: for example, it is still operating from an Amazon platform; it is not possible to view in-store stock from the ordering points in a store and it still takes three to five days for an item ordered in store to be delivered to the store. Its dedicated multichannel warehouse is due to open next year.

“We are positive on its strong brand, relative exposure to a relatively wealthy customer, investment into improving its multichannel model, growing international business and the renewed strength of the food business.” - Jean Roche, Panmure Gordon

“Yesterday’s store visit was hurried and incomplete but there was evidence of the evolution taking place under Bolland’s new team. There is untapped potential at M&S if they start getting the fashion right whilst also delivering these customer friendly changes and cost efficiencies. However, despite soft seasonal comps, recent events mean confidence of them getting it right short term is low. After a bounce on the back of bid speculation the next move could actually be down.” - Matthew McEachran, Singer Capital Markets

“This store continues the evolution of its format with 15% of space expected to have been refitted by Christmas. Beneath an architecturally beautiful, wavy, internal wooden ceiling, customers will notice a lot more technology with, for example, six 70” inspirational display screens, 12 Browse and Order hubs with touch screens and 10 customer assistants on hand with iPads to complete the sale or help you find a product like the first ‘sustainable’ suit being modeled by Marc Bolland, chief executive, that evening.

“While nothing was divulged on costs, the store was certainly easier to navigate with clear, identifiable areas for the brands. The shopping experience is more interactive with the merging of the on-line and physical shopping experience by using technology. However, if you order an item in-store, it still takes three to five days to deliver, highlighting how much investment is still needed in the infrastructure.” - Kate Calvert, Seymour Pierce

“Cheshire Oakes is an impressive asset in our view and we can see that M&S is on a developmental journey where progress is undoubtedly being made. The retailer benefits from space at this store with clear sight lines and the capability to be authoritative in each category. There is work to do in core Ladies Wear, of that there is no doubt, but there is also tremendous authority in Lingerie.

Food is sound as is Menswear and Children’s wear whilst Beauty is excellent and Home has made great leaps forward. We retain reservations about the pace and effectiveness of e-commerce development relative to M&S’ peers, although we note the substantial background work underway.

As such, if M&S can cost effectively roll-out out the positive learning from its recent trials and new outlets, then there is the basis to have greater confidence in underlying trading.” - Clive Black, Shore Capital

In pictures: Marks & Spencer opens landmark Cheshire Oaks store