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Marks & Spencer Said to Retreat From Paris Amid CEO’s Cost Drive

  • Retailer said to plan closure of Champs-Elysees flagship store
  • Outlet was opened “as part of an ego trip,” analyst says
Updated on

Marks & Spencer Group Plc plans to close its flagship Paris department store on the Champs-Elysees as the new chief of the struggling U.K. retailer seeks to scale back operations and spark a revival, according to a person familiar with the matter.

The closure will be announced when Chief Executive Officer Steve Rowe updates investors on its international business Nov. 8 as part of a wider strategy review, said the person, who asked not to be identified as the plans aren’t yet public. A company representative declined to comment.