What: M&S will close 67 stores over the next five years as the retailer aims to cut operational costs with the potential of fast-tracking closures within three years.

Why it is important: During an investment meeting, the CEO of Marks & Spencer said that the retailer will downsize from 247 stores to 180 ‘full-line’ shops by 2028 to save close to 400-million pounds in overhead.

In addition to addressing operational costs from physical stores, M&S will tackle inefficiencies in its supply chain to maximize flows for its clothing and homeware categories. As well, there are plans to slim down and automate the UK distribution network.

The list of locations that will be closed has yet to be disclosed.

Marks & Spencer to cut cost through 67 store closures