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M&S plans an extra E50m in logistics cuts
MARKS & SPENCERS (M&S) new CEO has unveiled plans to cut logistics costs by a further .f5Orn.
Marc Bolland, chief executive at the retail giant, says he wants to accelerate Project 2020, the firm's supply chain restructure programme, by adding £50m to cost-saving targets. This means £175m must be cut from the company's logistics bill by 2020.
He says the firm is on track to meet targets: "The first phase of our warehouse consolidation programme is now well under way with the closure of 30 of the 110 sites. Our new one million ft' warehouse in Bradford opened in May this year."
Under the remainder of the distribution revamp, M&S intends to shut the remaining SO facilities and instead open three more national Ds by 2020.
Bolland adds:"Planning permission has now been obtained for a second site in the East Midlands, with construction due to begin in the new year."