Retail giant Marks and Spencer have announced plans to open a range of clothing-only stores as soaring demand for it’s lingerie and knitwear have helped to reverse years of declining sales, thanks to a wave of interest from Gen Z shoppers.
Under the new plans, M&S will be opening a standalone clothing boutique in London’s Battersea Power Station later this year as part of a planned trial, before potentially opening up a number of other stores in the not too distant future.
The move comes after the hughstreet’s clothing business has seen a huge spike in sales in recent months, largely driven by younger shoppers having fallen in love with their lingerie ranges and key wardrobe staples such as cashmere jumpers just in time for Autumn.
In the past, the store had focused on an older consumer market, with the average shopper being middle-aged and upwards, but now thanks to renewed efforts to target younger shoppers, their efforts appear to have paid off with sales having risen for three consecutive years – a huge move post-pandemic.
In fact, things have been so successful in recent weeks, that the company now enjoys a 10% market shark in Britain.
Looking ahead at the new store, which hopes to entice consumers back to the high street instead of shopping online, M&S said that the Battersea store would be a trial of a new format with a curated “best of” range of menswear and womenswear, such as its upmarket Autograph line, as well as lingerie, reports The Telegraph.
If the store is successful, M&S could open more clothing and beauty only stores in the future, or even begin to kickstart a rotation plan, in which the company closes underperforming stores and reopens new branches in different locations to cater to different market needs.
The company has operated food-only stores since 1987, selling a variety of iconic products including the viral Colin the Caterpillar cake and Percy Pigs sweeties.
However in addition to it’s food stores, M&S has also operated a number of clothing-only stores in locations were building regulations have prohibited it from selling food.
In addition, several retail outlets also exist at various locations around the country, selling past season stock for discounted prices in a bid to cut down on surplus stock going to landfill.
The company described the new stores opening this Autumn as a new, smaller format and added they will simply be called:Marks & Spencer.
Clothing sales for the retail giant have slowly declined over the past decade, after enjoying a roaring trade throughout the 90s and 00s, however the spending power of Gen Z has seen the company bounce back, after targeted marketing efforts focused on this new younger demographic.
Having employed the assistance of special media influencers, several product lines have seen monumental growth, with under-30s now accounting for a third of its underwear sales! In total, it sold 20m bras last year and 60m pairs of knickers.
According to the latest annual update from the company, M&S has reportedly ended the latest financial year: “in the strongest financial health since 1997”, with their food division also having seen rapid growth of a whopping 13%!
As well as providing to be good news for consumers, it’s also been great news for shareholders too, with M&S shares having skyrocketed up more than 50% in the past year, the highest level since 2017.
