Marks & Spencer has rediscovered its spark at last as the high street favourite revealed a more than £1billion surge in sales yesterday. Its comeback is partly down to younger shoppers embracing its fashion and lingerie. The company said 30% of women buying its underwear are under the age of 30.
The retailer has come a long way from when some questioned if the 140-year-old business could survive in the face of cut-throat competition both online and in store. In 2018, newly installed no-nonsense chairman Archie Norman called the industry giant a “burning platform”, with the former Tory MP adding: “We don’t have a God-given right to exist and unless we change..
. in a decade to come there will be no M&S .” It seems the chain will not only be around – it could get back to making profits of £1bn a year, a feat it has only achieved twice.
M&S sold more than £13bn worth of products last year. Profits rose 58% to £716m, the highest in a decade. So why has this fightback – under previous boss Steve Rowe and now current chief executive Stuart Machin – working when so many before have failed? There is no silver bullet but it has been a combination of getting much better at having the right products at the right time at the right price, broadening its appeal, plus making some very tough decisions.
The high street store has revealed a surge of more than £1billion in sales ( Image: M&S) Marks & Spencer has succeeded in broadening its appeal ( Image: M&S) The last.
