In Marks & Spencer’s half-year results announced yesterday (November 7), like for like Clothing and Home sales were down 1.1%, with Food down 2.9%.
Looking ahead, the retailer’s strategy includes a new focus on hero lines in Clothing and Home. With the aim of reshaping both its ranges and its ageing customer profile, M&S says it aims to be ‘buying more stylish and contemporary product in greater depth, and to deliver market leading value.’
Chief executive Steve Rowe stated that: “Against the background of profound structural change in our industry, we are leaving no stone unturned and reshaping our business, its organisation and culture.”
Speaking on BBC Radio 4’s Today programme, Steve confirmed that M&S is transforming itself as part of a three to five year plan, including changes to “the way we buy and what we buy.”
Citing Food, Clothing and Home, Steve stated: “Our business is formed of a family of businesses” that share brand values.
With closures affecting 100 branches so far, Steve said that stores are under continuous review to ensure the M&S estate is “fit for the future” and able to cope with handling one third of its business online.
In the radio interview, Steve welcomed business rates changes for smaller retailers (as announced in the recent budget), as this will help towards a “healthy high street.” However, he also stressed that urgent reform for business rates is also needed for larger stores.
Top: Exterior of M&S Bluewater.
