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M&S’ Pantheon revamp becomes blueprint for retailer’s £700m growth push

The company said the coming year is among the most important in its history after a cyber attack disrupted online trading for nearly seven weeks and hit profits by more than £300 million.

Reported · Written up by our desk · Sectors

Marks and Spencer is using its upmarket Pantheon store on London’s Oxford Street as a template for change across its portfolio of large stores, as chief executive Stuart Machin unveiled a new-look revamp intended to improve both in-store and online shopping.

Machin said M&S must modernise the store experience and its online offering, pointing to “legacy” locations that stayed profitable under earlier leadership but framing his plan as a broader growth agenda for the retailer.

After a tough year that included a cyber attack that knocked out M&S’s online trading for almost seven weeks and hit profits by more than £300 million, the retailer told shareholders at its recent annual meeting that the year ahead is “one of the most important in our history.”

M&S also said it is investing for growth, with Machin adding that the next three years are critical, and the retailer’s next major project after Pantheon is expected to be its Marble Arch store, which Machin said would be knocked down next year.

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