Press Release Summary = Marks & Spencer is the UK's leading clothing retailer. It has 375 UK stores selling clothing, food and household furnishings
Press Release Body = Profile of Marks & Spencer: Focus on Clothing
Marks & Spencer is the UK's leading clothing retailer. It has 375 UK stores selling clothing, food and household furnishings. It also has 43 company-owned stores abroad, mainly in the USA and Hong Kong, and 155 franchise stores in various countries. It accounts for almost 10.8% of UK clothing and footwear sales. Its food sales are almost as important as clothing but its share of the UK food market is smaller.
Since the late 1990s its sales and profits have fallen, albeit with some recovery, and it has lost market share. At one time Marks & Spencer was renowned for its steady progress, and for being the UK's most profitable retailer. But it lost that standing. It gained a reputation for high prices-partly as a result of its policy of sourcing mainly within the UK. The stores became unattractive, the supply chain was inefficient, and the company was complacent. Discount clothing retailers gained ground, supermarkets became a major force in clothing retailing, and smaller chains offered more stylish clothing. Marks & Spencer also withdrew from most of its non-UK company-owned operations.
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2022
