Marks & Spencer chairman Archie Norman has suggested that more store closures may follow the 100 already announced at the retailer.
Speaking at the business’s annual general meeting on 10 July Norman said: “I can’t tell you it won’t be the last.”
M&S chief executive Steve Rowe added: “There are likely to be more redundancies”.
Norman called the transformation programme the “biggest turnaround in UK retail”, explaining that M&S has “old stores in locations where people aren’t shopping any more”.
He compared the retailer’s store estate to that of clothing and home rival Next. “Seventy percent of [Next’s] floorspace was built in the last 15 years, while 70% of ours is older than 15 years. Some of it is 50, 60 or even 70 years old,” he said.
Norman added that most of the 100 stores are likely to be closed in the first two years of the five-year transformation programme.
M&S first aannounced the shop closures in May.