Steve Rowe’s strategy of closing stores and replacing clothing with food comes at a tough time for the retailer Rex FeaturesDozens of Marks & Spencer stores in Britain will close, with clothing replaced by food at other outlets, the retailer’s chief executive is expected to tell the City next week. Steve Rowe, who was promoted to the top job in April, is likely to accelerate the chain’s shift from its struggling “frocks and socks” business towards its more prosperous food division. The reorganisation of M&S’s UK estate is set to include store closures over the coming years, the reallocation of space away from clothing and the relocation of stores. Successive M&S bosses have tried to turn around the general merchandise division, making Mr Rowe’s strategy update a significant moment in the company’s 132-year history. His announcement, which might trigger a big one off-charge, comes at…

Source: The Times November 05, 2016 00:03 UTC