British multinational retailer, Marks & Spencer has made plans to close 30 more stores due to the effects of the covid-19 pandemic, which pushed the retailer into losses.
In the month of March, the retailer had posted losses of more than £200m, which were triggered particularly, by lockdown restrictions.
Chief Executive at the Chartered Institute of Marketing, Chris Daly said, “marks & spencer’s bleak results come as no surprise as the difficult trading conditions of the past year and the successive lockdowns have had a big impact on the retailer. Already on the back foot pre-pandemic due to its limited online offering, this stalwart of the high street needs to swiftly adapt to the consequences of Covid.”
TOS News gathered that food sales turned out to be the bright spot for the company. According to Sophie Lund-yates, equity analyst at Hargreaves Lansdown, “the food business fared well. This has been helped by the joint venture with Ocado, which means M&S can ride the wave of increased online grocery shopping, which is something it would have previously been forced to watch from the side-lines.”
The company, however, is optimistic that with the right team, it will speed up change and build up for future growth.