M&S unveils £700m Oxford Street makeover as blueprint for nationwide store overhaul

On a summer evening in London, Marks & Spencer revealed the completed overhaul of its historic Pantheon store on Oxford Street, positioning it as a model for a £700 million transformation of its over-200 large-format outlets. Chief executive Stuart Machin told attendees that modernising both physical shops and the online experience is a top priority following a year in which a cyber-attack erased online sales for seven weeks and cut profits by more than £300 million.

The next flagship project will be the demolition of the low-ceilinged Marble Arch store, to be replaced by a ten-storey mixed-use building approved after a legal challenge and backed by Housing Secretary Angela Rayner. While the rebuild proceeds, M&S will operate a temporary store opposite Zara and plans to reduce its full-line store network to 180 in the UK, simultaneously opening 18 new food-only locations as part of a push to double food sales.

Machin, supported by chair Archie Norman, aims to revive the brand’s fashion and home ranges, leveraging digital displays and curated “rooms” in the Pantheon, and expects the retailer to become a growth business rather than targeting a specific profit figure. The strategy reflects confidence that the revamped stores and expanded food offering will restore market share and attract younger shoppers.