British retail chain Marks & Spencer has put out a newspaper ad today (December 10) informing the public that it is “moving out” of Raffles City.
Marks & Spencer has been a longtime tenant of Raffles City, and has been operating there since 1986 — the year the mall opened.
According to TODAYOnline, the store’s last day of operations is on December 31.
In line with its store closing, it will be holding a moving out sale with items selling at up to 70 per cent off.
Following the closure of the Raffles City outlet, another 10 Marks & Spencer outlets will remain in Singapore.
Recording Its First Loss In A Century
The news of this outlet closure follows the demise of Marks & Spencer’s sister brand Robinsons.
Earlier in November, the retail giant made its exit from Singapore for good, after suffering losses in the recent years.
Founded in 1858, Robinsons was one of the oldest department stores in Singapore and had reportedly chalked up at least six years of losses amid declining revenues.
Marks & Spencer is treading on thin ice right now, and if it’s not careful, they might end up following Robinson’s footsteps.
It is reported that they made a profit after tax of S$101,613 in 2018, down from S$2.9 million a year ago.
Last month, they also made their first loss in almost 100 years as a result of the pandemic.
However, despite the losses, the chain forged ahead to open a new pop-up outlet at Waterway Point on October 31.
It also told The Business Times earlier this year that it had no intentions to close its “thriving business” in Singapore.
While it is unlikely that Singaporeans will witness the brand making a complete exit from our shores anytime soon, Marks & Spencers is still undoubtedly in the red.
They have to buck up their sales, or might face a potential collapse.
Featured Image Credit: Darren Bloggie