Ask most British people about Marks & Spencer (or M&S
as it is affectionately known) and they will probably talk about
its high quality food or underwear. M&S, Britain's largest
retailer, has been international for several years - many European
cities have a local M&S store. New plans for expansion mean
that M&S will become a truly global retailer.
MARKS & SPENCER, recently announced a £2.1 billion
expansion programme. The programme is to create 5,000 jobs and
increase retail space by 33 per cent, including town centre department
stores, edge-of-town superstores and smaller food stores. Many
of these new outlets will be in the company's emerging foreign
markets such as Europe, the Far East and North America. Three
years from now, a quarter of the group's floorspace will be outside
the UK, making M&S a truly global operator.
The company was originally started in 1884
when Michael Marks, a Polish immigrant, borrowed £5 to buy stock to sell at
the Leeds market. By the end of the year he had enough money
for his own stall. Ten years later he met Tom Spencer and the
stall became a chain throughout the north of England and Marks & Spencer
became a private limited company. There are now 645 branches
all over the world and the company enjoys annual profits of more
than £1 billion.
The company's success is based on its reputation
for quality, value and service. All M&S suppliers have
to pass very strict quality control inspections and all its
customers are free to
return any goods they find unsatisfactory. Another reason for
the success is the company's Britishness. Over 80 per cent of
the company's suppliers are British and its customers, both at
home and abroad, seem more than happy to buy British products.
The stores stock a balance of clothing, food
and furniture, with underwear and convenience food perhaps
being the most famous
product lines. In Britain, one in three women buy their underwear
at M&S. The product lines are international; whether you
walk into an M&S in Manchester, Budapest or Jakarta you will
see the same teas, sandwiches and biscuits on the shelves. Surprisingly,
even the clothing styles are international, although the sizes
in the Far East are very different from northern Europe.
With the new expansion plan, M&S are looking to consolidate
their position in the UK while increasing their global profile.
They are also investing in their financial services operations
and catalogue business. With profits having already doubled in
the last six years, it looks as if M&S will go from strength
to strength.
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