May 19, 2022
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M&S to move into new Lakeside flagship, takes ex-Debenhams space

May 19, 2022

M&S is continuing to open statement new stores as the UK retail giant enjoys a turnaround in its fortunes. It’s set to take over another former Debenhams site, at the Lakeside mall in Essex, with more space for fashion, beauty and activewear.

M&S continues to open statement stores - Victoria Place

It had already agreed to move into the empty Debenhams anchor space at the giant Bullring mall in Birmingham. In March, M&S opened a new 50,000 sq ft regional anchor/flagship at the Victoria Place mall in Woking.
The latest expansion will see M&S move from its current Lakeside location in spring 2023 with the move part of a £20 million revamp by mall owner SGS, which took over from the failed Intu in 2020.

The new 98,000 sq ft store will feature a larger clothing and home offer, including a Good Move activewear shop-in-shop, a large beauty department and an in-store opticians. A new foodhall will have direct access to an upgraded car park.
SGS spokesman Steve Gray, Head of European Retail Asset Management at Global Mutual, told local paper The Echo: “We are incredibly excited that M&S has decided to further invest in its offer at Lakeside.
“The retailer is a long-standing tenant and partner, and a brand much loved by our visitors – with a loyal following.
“The new store will significantly increase M&S’ prominence within the centre, as well as accessibility – together acting as key footfall drivers.” 
Gray added: “In a fast-changing retail landscape, brands are investing to optimise and drive maximum value from their physical offer. M&S’ move reflects this and is indicative of wider demand for prime space like ours here at Lakeside.
“M&S’s former unit will present another compelling opportunity, surrounded by a host of great brands and in close proximity to the centre’s leisure offer.”
The return-to-form retailer continued its long-awaited recovery with half-year results for the period to October 2 showing total profit before tax and adjusting items rising to £269.4 million from £176.3 million and pre-tax profit rising to £187.3 million from £158.8 million. 
Revenue rose 5% to £5.1 billion and net profit was £159.9 million, up 30.6% compared to two years ago.

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