- Vivian Hendriksz |
London - It is not those who run the fastest who win the marathon - it is those who have the most stamina to maintain their pace who succeed. Steve Rowe, Chief Executive at Marks & Spencer, intends to ensure the struggling department store wins its race, although he indicated that he expects his turnaround plan to take time.
In a note from analysts at Shore Capital, Rowe told investors that his turnaround plan for M&S was a "marathon," and that the retailer was only at the three to four mile mark, according to CityAM. Since taking over the reigns at Marks & Spencer in April 2016, Rowe has been hard at work trying to boost sliding clothing sales and closing down under performing stores.
The British high street retailer announced in late 2016 that is aimed to reposition 25 percent of its clothing and home space in stores as part of its five-year plan, by closing a number of stores, downsizing its current retail locations, relocating other stores and turning some into food-only locations. Marks & Spencer revealed it was set to close six additional clothing and home stores this Janaury, while highlighting aeight more stores at risk of closure.
M&S also revealed it is set to close its current distribution centre in Neasden, north London, once its new clothing and home distribution centre in Welham Green opens next year. The move sees 380 roles under consultation.