Marks & Spencer : M&S ANNOUNCES PROPOSAL TO REDEVELOP MARBLE ARCH STORE AS PART OF ITS NEVER THE SAME AGAIN PROGRAMME

Today, Tuesday 9^th March, M&S has begun to engage the community on the proposed future redevelopment of one of its two stores on Oxford Street - Marble Arch.

Under the proposal, which M&S is seeking to consult with local stakeholders on, the retailer would develop a modernised store which continues to offer customers a broad range of trusted value products across both Food and Clothing & Home at the west end of Oxford Street. In addition, it will work with partners to deliver best in class, Prime Grade A sustainable office space on the upper levels of the building.

The plans are part of M&S' Never the Same Again programme, under which it has been shifting gears in creating a store estate fit for the future. The proposal is the next stage in this programme, which enables M&S to unlock value from the site as well as retaining a modernised store in the west end of Oxford Street, delivering the best of M&S for customers, colleagues, communities and shareholders.

Modernisation of Marble Arch Store

Throughout the pandemic Marble Arch has remained a much-valued local store serving essentials to the community. Located in west Oxford Street, the store is ideally located to serve customers in an area that has been a consistently popular destination for shoppers in the UK.

As part of the suggested plans, the Marble Arch store will be redeveloped, creating a modern retail environment which continues to offer the full range of trusted value M&S products for customers. Alongside this the store will be seamlessly integrated with M&S.com and equipped with the latest in store digital shopping technology for customers and colleagues to choose from.

All colleagues working in the store will be redeployed to surrounding M&S stores during the proposed redevelopment and will return to the new Marble Arch store when it reopens.

Unlocking additional value from M&S' store estate

Under Never the Same Again, M&S has been accelerating its programme to create a store estate fit for the future, with its ongoing store rotations and renewals, greater integration of technology for colleagues and customers, and assertive management of its leasehold and freehold assets to unlock additional value. M&S is in a unique position as a retailer where around 40%of its owned space is freehold or long leasehold - enabling it to unlock value and support its transformation through alternative use of space across its estate - with Marble Arch an example of this.

Alongside the redeveloped store, M&S would look to unlock value from its asset by working with partners to create sustainable, Prime Grade A office space in the West End, where demand remains high.

As part of today's announcement, M&S has launched its consultation website and is seeking to consult on its proposal with local stakeholders, customers and the wider community over the coming weeks, with a planning application submitted later this year.

Sacha Berendji, M&S's Retail, Property & Operations Director said: 'The launch of our proposal to redevelop Marble Arch today is the latest example of how we are shifting gears in creating a store estate fit for the future. Under our Never the Same Again programme we are focused on emerging stronger from the pandemic, and today's proposal not only means we can redevelop and modernise our store so that it better serves the local community on the UK's destination high street, but by taking an assertive approach to the management of our asset base we can unlock additional value from the site at the same time and further support our transformation. We are really excited by the proposal and would encourage the local community to share views with us through our public exhibition which kicks off today.'

ENDS

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Notes to Editors

The public consultation on the proposals launches today and will run until 31^st March 2021. The consultation website can be viewed at: www.458oxfordstreet.co.uk