In a strategic move to capitalise on the resurgence of its clothing business, Marks & Spencer is considering the launch of standalone clothing boutiques. The British retailer plans to open a trial store in London’s Battersea Power Station later this year, potentially paving the way for further expansions.
M&S has witnessed a remarkable turnaround in its fashion sales, with three consecutive years of growth and a 10% market share in Britain. This success is attributed to the company’s efforts to target younger customers, deviating from its previous focus on older shoppers.
The trial boutique in Battersea will showcase a curated selection of the company’s best menswear, womenswear, and lingerie, including its upmarket Autograph line. The potential rollout of more clothing and beauty stores aligns with chief executive Stuart Machin’s store rotation plan, which involves closing underperforming stores and opening new branches in strategic locations.
M&S has previously opened clothing-only stores in areas where space constraints prevented the inclusion of food offerings. The company’s fashion sales have experienced a significant boost, with under-30s accounting for a third of its underwear sales, a two-fold increase compared to the previous year. In the last financial year, M&S sold an impressive 20 million bras and 60 million pairs of knickers, contributing to its strongest financial health since 1997.
While the clothing business is thriving, M&S’s food division continues to outpace it in terms of growth. Food sales rose by 13% last year, compared to 5.3% for clothing and home, with the division’s operating profit nearing that of the clothing business.
The company’s shares have surged more than 50% in the last year, reaching their highest level since 2017. As M&S explores new avenues for growth, the success of the Battersea trial store will be closely watched by investors and industry experts alike.
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