Marks & Spencer is one of the most revered names in UK retail but for more than a decade has found life tough, particularly in clothing, which, along with food, is a foundation stone of the business.
The retailer’s difficulties made it the subject of bid interest from Arcadia tycoon Sir Philip Green in the early 2000s. Former M&S director Lord Stuart Rose was parachuted in to fend off Green and managed to partially restore its fortunes.
In 2010, Rose was succeeded as chief executive by Marc Bolland who had formerly won praise for the turnaround of grocer Morrisons.
However, M&S failed to make progress in apparel during Bolland’s tenure and remains in turnaround mode.
In recent years, M&S has focused on building its digital business and has rationalised its store estate as part of a revival programme.
The clothing and food businesses are both being steered by new senior management teams ultimately overseen by chair Archie Norman, famous for rescuing Asda in the 1990s.
Marks & Spencer has moved the deadline for next-day click-and-collect orders back by an hour from 10pm to 11pm and is piloting a two-hour express service in 17 of its big stores.
Marks & Spencer has warned its landlords it will shut underperforming stores, placing property owners on red alert for further closures.
Strategy directors are de rigueur, with Asos, JLP and M&S all making big hires. But are they “a fashion accessory”, as one chief executive claims, or a necessary exec role in today’s fast-changing climate?
Marks & Spencer is closing two distribution centres in the Midlands, putting nearly 700 jobs on the line.
M&S unveiled its “game-changing” tech partnership with Microsoft 20 months ago. What impact has it had so far?
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