British Multinational Retailers: Marks and Spence plc

2639 Words Feb 22nd, 2018 11 Pages
The company, founded by Michael Marks and Thomas Spencer in Leeds, is specialised in selling cloths and luxury food products. For more than 129 years, M&S grew from a single market stall to a giant international multi-channel retailer. Today, M&S is operating in more than 50 territories while employing almost 82,000 people. M&S worked hard to offer high quality products to its customers through its founding core values that are Quality, Value, Service, Innovation and Trust. By diversifying its stores, locations, channels and range of products, M&S reduced its dependence on the UK and broadened its international focus (Marks and Spence plc, 2014). The position of M&S in retail industry of UK remained unchallenged for many decades until the company started facing turbulence in 1990s. M&S emerged as a household name internationally by the early 1990s but the last part of the decade remained unfortunate for the company (Collier, 2014).
Despite of many successive attempts to reverse the decline, M&S faced declining profits and change in leadership for many years. Every effort of M&S to revitalise its growth went in vain. The major reasons for continuous decline in M&S’s profits were centralised decision making and inward culture, lack of customer focus, resistance to change, focus on day-to-day operations and tight control over national and international stores…