Hello Friends and welcome back to my Retail History blog. This time we look at the national treasure that is Marks and Spencer. So, top up your cup of tea, grab the digestive biscuits and join me. Michael Marks Tom Spencer. Michael Marks came to England over years ago and settled in the market town of Leeds in the north of England. Michael was canny and started his own market stall in Kirkgate and categorised all items by the price.
But after the penny section of his stall started to thrive, he stopped selling more expensive products. Michael needed a partner to help him grow the business. The stalls were called Penny Bazaars - keeping the penny prices. The store allowed customers to browse the store without any pressure to buy. This is commonplace now but was forward thinking back in The company also became public. Clothing and home vs food retail Marks and Spencer has a wide range of options available for its customers, selling products from numerous categories, including clothing, cosmetics, household items and luxury goods.
Over recent years, the company has also developed into a high-quality food brand. Since , the retailer has seen increased worldwide revenue growth year-on-year, with revenue figures reaching almost The coronavirus COVID pandemic caused the retailer to lose revenue in due to national lockdown measures and decreased consumer spending.
Almost half of this revenue comes from the food segment , which accounted for sales of just over six billion British pounds in Marks and Spencer's online platform has also experienced considerable growth , attracting hundred millions of visitors to its website and shopping app.
Most recently in the second quarter of , Marks and Spencer ranked in first place amongst other leading department stores and home improvement retailers.
Despite having received consumers' favor, Marks and Spencer does not hold a large share in the UK's grocery retail market. This text provides general information.
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