Marks and Spencer

Marks and Spencer engages in the retail of apparel, food and home line. Like any long-standing retail chain, it has faced a few hurdles on its journey but it has shown us the power of an organisation that knows how to embrace its values and evolve to suit the changing needs of its core consumer.

Quintessentially British brand Marks and Spencer goes all the way back to 1884 when Polish Jew Michael Marks migrated to England and opened Penny Bazaar in Leeds. When Marks acquired a permanent stall in the Leeds covered market, he invited Thomas Spencer, a cashier in the firm he worked in, to be his partner. In 1903, the duo opened their first store in Leeds.

In a few years Michael Marks and Tom Spencer shifted Penny Bazaar to Manchester and opened several market stalls in England. Marks and Spencer earned a stellar reputation in the early twentieth century with a policy of selling just British-made goods. It entered into collaborations with British manufacturers and sold both clothes and food under the brand “St Michael” introduced in 1928. By the Fifties lingerie, women’s apparel and girls’ school uniforms were branded under “St Margaret” until all merchandise became “St Michael”. When Michael Mark’s son Simon passed away in 1964 after fifty-six years’ in the company, his son- in- law Israel Sieff took over as Chairman.

A cautious overseas expansion began this decade as Marks and Spencers opened stores in continental Europe in 1975 and in Ireland a few years later. The retail chain emphasised on quality and had a reputation of fair value for money. The emphasis on customer relations was summarised by the 1953 brand slogan: “The customer is always and completely right!” In 1972, Marcus Sieff became Chairman and the company expanded into Canada with forty-seven stores. 

Despite a determined effort to upgrade its image there, the chain wasn’t able to move beyond its reputation as a stodgy retailer. Moreover, these outlets were smaller than its British counterparts and did not carry the same selection. The Canadian operations continued to lose money and all outlets closed by 1999. Expansion into France began in the late Seventies and Eighties and although the Paris shops were profitable, the Western European operation did not fare well and 18 shops were sold in 2001.

The same year, Marks and Spencer opened a store to retail clothing and food. The group also opened several food outlets throughout Paris with the first at Champs-Élysées. In 1988, the company acquired American clothing company Brooks Brothers and US food chain Kings Super Markets and continued expanding. Profits peaked in 1997–1998. 

However during Sir Richard Greenbury’s tenure as head of the company, profit margins were pushed to untenable levels and loyalty of its customers was eroded. The rising cost of using British suppliers was a burden, as rival retailers imported goods from low-cost countries, but the brand’s switch to overseas suppliers undermined its appeal to the public. The company’s refusal to accept credit cards other than its own charge card also pushed it into a slump and the share price fell by more than two thirds.

In 2001, with changes in its business mode such as accepting credit cards and the introduction of “Per Una” designed by George Davies, profits slowly recovered. In 2004, the retail chain faced attempted takeover by Arcadia Group. On 12 July a recovery plan was announced which involved selling off its financial services business to HSBC Bank plc, buying control of Per Una, closing Gateshead Lifestore and halting expansion of its Simply Food line of shops. In February 2007, Marks and Spencer opened the world’s largest M&S shop outside the UK at Dubai Festival City followed by its first mainland China shop in Shanghai.

In November 2020, Marks and Spencer reported its first loss in ninety four years  as a listed company, with seven thousand job cuts, declining sales and a critical need to catch up on digital retail. This is attributed to the ongoing global pandemic. However, basics like t-shirts, knitwear, underwear and sleepwear continued to benefit during this time. The fashion and food retail brand emerged from the pandemic, afresh. 

The British retailer purchased Jaeger from its administrators in 2021 in an attempt to strengthen its clothing division. Per BoF, ‘They have focused on transforming the culture in M&S, improving the quality and value of its clothing and food products, while reshaping its store estate and investing in technology and e-commerce, including a venture with online supermarket Ocado. “We sort of feel we’re emerging from the pandemic and lockdown, like emerging from a chrysalis, a new and reshaped business,” Norman told shareholders attending M&S’s annual general meeting…’

Marks and Spencer's mission is to make high-quality, aspirational products accessible to everyone, transcending barriers of price, location, and demographics. This commitment is reflected in the depth and variety of its offerings, ensuring that every customer can find something that resonates with their personal style and needs. By combining innovative design, rigorous quality standards, and thoughtful sourcing, Marks and Spencer creates products that embody both excellence and affordability.

The British retailer is dedicated to democratising quality by making it a fundamental part of every product line, whether it’s in clothing, food, or home essentials. Marks and Spencer believes that quality should not be a privilege but a standard, and it continuously strives to balance value and aspiration in its collections. This ethos not only elevates the brand but also fosters trust and loyalty among its diverse customer base.

Through its wide range of products, Marks and Spencer aims to inspire and uplift its customers, allowing them to enjoy the best of modern living without compromise. By staying attuned to evolving trends and customer preferences, the company ensures that its offerings remain relevant, desirable, and within reach for all. This approach reinforces Marks and Spencer’s mission to make aspirational quality accessible to everyone, supporting its vision of enriching lives through exceptional products.

Marks and Spencer's commitment to attention to detail, forward-thinking policies, and a passion for improvement has resulted in the creation of some of the most beloved products worldwide. The British retailer’s vision is to evolve in sync with a rapidly changing world, staying at the forefront of social progress and innovation. By setting ambitious goals and providing the resources necessary for success, Marks and Spencer empowers its team to consistently deliver exceptional results.

Today, the company stands as a unique retailer, offering high-quality food, clothing, home products, and financial services. It has embraced a customer-focused approach, placing digital innovation at the heart of its business operations. By partnering with leading technology firms, Marks and Spencer is redefining the retail experience for the future, ensuring that its offerings remain relevant and appealing to modern consumers.

Marks and Spencer is also dedicated to making a positive impact beyond the products it sells. From digital transformation initiatives to efforts aimed at enhancing wellbeing, supporting communities, and protecting the planet, the company is actively shaping the future of its business. This holistic approach reflects its commitment to sustainability and social responsibility, reinforcing its position as a leader in the retail industry.

Marks and Spencer, commonly known as M&S, is a distinguished British retailer celebrated for its high-quality products and exceptional customer service. Renowned for its clothing line, M&S offers a broad range of fashion items that cater to diverse tastes and preferences. From classic, timeless pieces to contemporary styles, the brand ensures that every customer can find something suitable for any occasion. The quality of fabrics, attention to detail, and durability of the garments have solidified M&S as a go-to destination for those seeking stylish yet reliable clothing options.

In addition to its reputable clothing line, Marks and Spencer is also widely recognized for its food and grocery services. The brand offers an array of fresh, high-quality food products, including ready-made meals, fresh produce, bakery items, and premium meats. M&S's dedication to sourcing ingredients responsibly and ensuring the highest standards of food safety has made it a preferred choice for discerning customers. Their commitment to innovation in food products is evident in their wide range of unique and delicious offerings, which cater to various dietary preferences and needs, such as vegan and gluten-free options.

Beyond clothing and food, M&S provides a variety of home and lifestyle products, including home furnishings, beauty items, and gift selections. Their home collection features everything from elegant decor pieces to practical kitchenware, designed to enhance any living space with a touch of sophistication. The beauty and skincare range includes both M&S’s own branded products and popular international brands, ensuring a diverse selection for customers. With a focus on quality and style, Marks and Spencer continues to be a trusted retailer that excels in delivering products and services that meet the evolving needs and preferences of its clientele.