M&S invests £700m in store revamp starting with Oxford Street’s Pantheon
Retailer’s 10-storey Pantheon building sets template for modernisation across 200 large UK stores
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Marks & Spencer has unveiled its newly refurbished Pantheon store on Oxford Street, the first step in a £700 million investment to modernise its UK estate. The 10-storey building, which received planning permission in 2024 after a legal challenge, now includes two and a half floors of retail space alongside offices and a gym. The revamp is part of a broader strategy to update more than 200 large stores across the country.
The Pantheon, originally built in the late 18th century, was converted into an M&S store in the 1930s. Chief Executive Stuart Machin described the site as a testing ground for making shopping "easier, more curated and more inspiring," as reported by The Guardian. The store’s redesign features digital displays, green-tiled pillars and themed "rooms" for different product ranges.
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Food sales rise but profits fall
M&S’s food division has seen a 16% increase in sales over the latest three-month period, according to Worldpanel data from Numerator. The retailer now holds a 4.1% share of the UK grocery market, rising to 4.6% when including sales via its online partner Ocado. Despite this growth, underlying pre-tax profits fell to £671 million last year, down from previous highs.
Machin told The Guardian that returning to £1 billion in annual profits was not the immediate goal. "Profit will be what it will be," he said. "Our plan is for a growth business." The retailer employs over 65,000 people and operates 227 full-line stores, with plans to reduce this to 180 within two years. Meanwhile, its food-only stores are expanding, with 18 new openings this year and a target of 420 by 2026.
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Marble Arch rebuild next
The next major project for M&S is the rebuild of its Marble Arch store, at the opposite end of Oxford Street. The current building, described by Machin as "low-ceilinged and labyrinthine," will be demolished next year. The new structure will take four years to complete, during which M&S will operate from a temporary store across the road, sharing a block with Zara.
The Marble Arch rebuild has faced criticism over its environmental impact. The plan was approved by Housing Secretary Angela Rayner in 2024 following a legal challenge. Machin told attendees at the Pantheon event that he hoped to remain chief executive until the project’s completion, saying, "So let’s see how we do."
We know we’ve got a big job modernising the store experience and modernising the online experience as well.
Stuart Machin, Chief Executive, Marks & Spencer
What happens next
M&S will begin demolition of its Marble Arch store next year, with construction expected to last four years. The temporary store will open in the same block as Zara while work is underway. The retailer’s food division will continue expanding, with 18 new food-only stores planned for this year. Machin has also indicated that further store closures are likely as the company refines its estate.
Questions this report answers
+How much is M&S spending on its store revamp?
Marks & Spencer is investing £700 million to modernise stores, supply chains and distribution. The Pantheon store on Oxford Street is the first major site to be completed under this plan, as reported by The Guardian.
+What will the new Pantheon store include?
The 10-storey Pantheon building includes two and a half floors of retail space, offices and a gym. It received planning permission in 2024 after a legal challenge and approval by Housing Secretary Angela Rayner.
+How have M&S’s profits changed recently?
Underlying pre-tax profits fell to £671 million last year, despite a 16% rise in food sales. Chief Executive Stuart Machin told The Guardian that returning to £1 billion in profits was not the immediate goal.
+What is happening to the Marble Arch store?
M&S will demolish its Marble Arch store next year and rebuild it over four years. During construction, the retailer will operate from a temporary store across the road, sharing a block with Zara.
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