Revitalizing London's High Street: Marks and Spencer Pledges £12.5 Million Investment
Revitalizing London's High S...
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Revitalizing London's High Street: Marks and Spencer Pledges £12.5 Million Investment

26 April 2023
1 min.
Revitalizing London's High Street: Marks and Spencer Pledges £12.5 Million Investment

Revitalizing London's high street

London's high street is on "life support," according to Stuart Machin, CEO of Marks and Spencer, as the company pledges £12.5 million of investment to revitalize the city's retail landscape. The historic retailer has vowed to create over 200 new jobs with the opening of a new M&S store in Croydon and an M&S foodhall in Earlsfield.

In an Evening Standard letter, Machin voiced his disapproval of the government's elimination of tax-free shopping for foreign visitors. He asserts that this move is hindering London's growth, while other cities are seeing positive results. Machin also expressed his concern about the increasing number of gaudy candy stores and unruly behavior, which he claims is causing foot traffic to remain 11% below pre-pandemic levels.

M&S is continuing its investment in store improvement with plans for redevelopment of its Marble Arch location. The company invested £10 million in London stores last year, and the proposed new store will include offices, a cafe, and a gym. Despite encountering strong opposition, M&S is eagerly awaiting a final decision from the government's Levelling Up Secretary.

The new investment and job creation plans represent a significant commitment from M&S to support London's economy and help it bounce back from the pandemic's impact. Machin's call to action to revitalize the high street is a timely reminder that we must not take our city's retail landscape for granted, and we all have a part to play in supporting its recovery.

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