“There are two problems with M&S. First, there's the underlying problem of a very old store portfolio. Take Falmouth for example. It used to be the only store west of Plymouth, but it has long since been upstaged by new stores in Truro and Falmouth has lost out as a centre to Truro as well. Ashford is in a similar situation, upstaged by Bluewater and excellent fast train services into London. This second wave of stores is unlike the first in that there are no major stores very close to any of those being closed. However, the weakness of these stores has been exposed by the second and more important problem - the merchandise and its failure to engage the 35 plus woman. As we discuss in Mintel’s Clothing Retailing – UK, October 2018, M&S’ customer base continues to age. In 2017, we found that 38% of those that had shopped with the retailer for clothing in the last year were over-55. This figure rose to 43% in 2018. Meanwhile, the percentage of M&S customers aged 35-54 fell from 36% in 2017 to 33% in 2018. The closure of tired stores could well help to rebuild perceptions of the M&S brand amongst that key 35-54 demographic, but there is also a risk that these store closures alienate some of its older shoppers who will be less willing to shop online. However, the reality is that M&S first and foremost needs to address its merchandise problems, and until it does, store closures like these will be necessary.”