Marks & Spencer has unveiled the revamped Pantheon store on Oxford Street, London, which is intended to be a blueprint for changes across the retailer's more than 200 large stores. M&S chief executive Stuart Machin stated that the company has a significant task in modernising both its in-store and online experiences.
Machin's vision involves a £700m investment over the next three years to revitalise stores, modernise the supply chain and distribution system, and enhance products. This strategy follows a challenging year for M&S, which saw underlying profits fall to £671m after a cyber-attack impacted online trading and profits by over £300m.
The next major project for M&S will be the demolition and rebuild of its Marble Arch store, planned for next year. The new 10-storey building, which received planning permission in 2024, will feature two and a half floors of shop space, topped by offices and a gym. The rebuild is expected to take four years, with a temporary store leased during this period.
M&S is also expanding its food arm, with 18 food-only stores opening this year towards a target of 420. The retailer is currently the fastest-growing food retailer in the UK, with sales up 16% in the latest three-month period, maintaining a market share of 4.1%, or 4.6% including Ocado sales.