Marks and Spencer

Marks and Spencer

One of the most famous UK retailers today is Marks & Spencer. It sells a wide range of products including clothing, beauty products, home ware including furniture, food products and financial services.

Marks and Spencer's is a unique kind of department store in that virtually everything they sell carries the M & S brand. In this way Marks and Spencer's have greater influence in how their products are made and for many years their name has been synonymous with good quality products.

History of the Marks and Spencer's Store

Marks and Spencer's was established in 1884 by a Russian born Polish born refugee Michael Marks. He opened the first stall at Leeds Kirkgate market. After moving to Manchester he opened a shop and soon formed a partnership with Tom Spencer.

In 1916 Michael Marks' son became the chairman after the death of the founders, and in 1926 Marks and Spencer Limited became a public company. From this time onward the company has grown from strength to strength and gradually expanded its stores all over the UK and worldwide.

Marks and Spencer's Operations Today

Marks and Spencer has over 450 stores throughout the UK and over 80% of these are in town centres and traditional High Street locations. The other stores are primarily in out of town retail parks. M & S also operate 150 other stores in 30 countries around the world including 130 franchise businesses from Bahrain to Bulgaria, Thailand to Slovakia. Stores in the Republic of Ireland and Hong Kong remain owned by M & S.

The Simply Food range stores are coming up all over the UK. There are plans to expand these stores to a total of 400. They are located in:

• Railway stations,
• Motorway service stations
• Airports
• Petrol stations.

In 1997 Marks and Spencer's profits peaked as the company made a pre tax profit of a billion pounds, but after that the company began a gradual decline. M & S's share price fell by more than two thirds and by 2001 the annual profits had fallen to just £145 million.

However in the last two years Marks and Spencer's has seen a revival in profits and particularly since June 2005 the share price has doubled. Much of this is said to be down to the current Chief Executive of Marks and Spencer, Stuart Rose. He was appointed in May 2004 and has had a long career in the retail industry with roles in stores such as Argos, Burtons, Booker and the Arcadia Group.

The companies' recovery plan involved expanding their Simply Food stores across the country, selling off the financial services business to HSBC bank and buying control of the Per Una range. These factors including extensive marketing, has seen a current revival of the popular British store.

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