M & S Set to Close 23 Stores, Meanwhile Reporting Record Online Sales

All over the news today are reports of Marks & Spencers worst performance for 10 years. They announced today the closure of 27 stores and laying off of 1,230 staff.

Meanwhile, M & S are also reporting record online sales growth of 29% in Q3.

I can’t help but think that high street retailers are not only facing the very real effects of a recession, but also the increasing threat from online.

Even my parents generation admitted to doing some of their Christmas shopping online this time with M & S a favourite due to late delivery dates and ease of use. I’m guessing their Q4 figures will be very good.

So while its doom and gloom on the high street, for some theres not been a better time to be trading online.