Marks & Spencer executives have said they will not 'leave city centres' amid shareholder concerns about relocating some stores to out-of-town areas. It came as the company announced plans to invest £38 million in new high street stores in Bath and Bristol at its annual general meeting in west London. Under the leadership of CEO Stuart Machin and former chief Steve Rowe, the retailer has undergone significant transformation, which has included reorganising its store network.
“Our store rotation is really a catch-up programme on the last 20 years as we have previously underinvested,” he said. Also on Tuesday, the retailer confirmed that it is investing £17 million in a new store in the centre of Bath, and £21 million on a new flagship store in central Bristol. It said these are expected to create around 150 jobs.