Britain’s biggest clothing retailer readies ambitious property move [MarketWatch]
TESCO PLC S/ADR (TSCDY)
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Source: MarketWatch
Britain’s biggest clothing retailer readies ambitious property move Britain’s biggest clothing retailer is set to enter the residential-real-estate market as part of ambitious plans to boost the group’s financial performance. Marks & Spencer Group PLC MKS, +1.32% is to turn property developer as part of a major plan to unlock value across the retailer’s store estate. The struggling food and clothing group, which saw a third straight drop in annual profit on Wednesday, owns some of the biggest tranches of retail space in the U.K. MarketWatch has learned Marks & Spencer is at the early stages of a new initiative to “unlock the development potential” of its land by building new homes and offices and regenerating space for other retailers. Chief Executive Steve Rowe said: “We own some very grand properties in town centers, and we believe that over a period of time those can be developed and release value to the business in terms of development as new, modern formats and possibly allow
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