Marks and Spencer
1100 Words
About the company
M&S is one of the leading retailers in the UK, tracing its history back to 1884 when Michael Marks opened a stall in Leeds market. Thomas Spencer joined him in 1894 and both created Marks and Spencer. M&S has 703 stores in the UK with over 76,000 employees and over 360 wholly-owned, partly-owned, or franchised stores in 42 territories around the globe, which accounts for 10% of the Groups revenue. M&S sells high quality, exceptional value clothes and food products as well as home products such as electronics, furniture. They also added homeware in 2000.
Primarily all of M&S goods were British made, however the retailer faced more challenging times, especially in the last decade and found it hard to compete with other supermarkets and retailers, this caused them to outsource to cheaper labour countries in Asia such as China and India.
Marks and Spencer is the largest UK clothing retailer with a market share of 11.7% selling high quality, good value clothes for everyone. It also has a market share of 27.1% for lingerie which makes them leaders in womenswear in UK. 51% of their revenue comes from groceries with market share of 3.9%, the remaining 49% of the revenue comes from clothing and homeware. M&S was the first retailer in the UK to produce a pre-tax profit of £1 billion.
M&S core values are: quality, value, service, innovation and trust. These values helped M&S to gain and maintain their leadership in the market, as shoppers are more conscientious nowadays and are looking for more than just good value.
Their mission statement is “to make aspirational quality accessible to all” (Marks & Spencer, 2011) was a key to increasing both market share and revenue.
Their main competitors are Next and Arcadia group in the clothing industry, John Lewis in homeware and Waitrose with Tesco in the food sector.
Corporate social responsibility * M&S launched Plan A in 2007, the main aim of which
About the company
M&S is one of the leading retailers in the UK, tracing its history back to 1884 when Michael Marks opened a stall in Leeds market. Thomas Spencer joined him in 1894 and both created Marks and Spencer. M&S has 703 stores in the UK with over 76,000 employees and over 360 wholly-owned, partly-owned, or franchised stores in 42 territories around the globe, which accounts for 10% of the Groups revenue. M&S sells high quality, exceptional value clothes and food products as well as home products such as electronics, furniture. They also added homeware in 2000.
Primarily all of M&S goods were British made, however the retailer faced more challenging times, especially in the last decade and found it hard to compete with other supermarkets and retailers, this caused them to outsource to cheaper labour countries in Asia such as China and India.
Marks and Spencer is the largest UK clothing retailer with a market share of 11.7% selling high quality, good value clothes for everyone. It also has a market share of 27.1% for lingerie which makes them leaders in womenswear in UK. 51% of their revenue comes from groceries with market share of 3.9%, the remaining 49% of the revenue comes from clothing and homeware. M&S was the first retailer in the UK to produce a pre-tax profit of £1 billion.
M&S core values are: quality, value, service, innovation and trust. These values helped M&S to gain and maintain their leadership in the market, as shoppers are more conscientious nowadays and are looking for more than just good value.
Their mission statement is “to make aspirational quality accessible to all” (Marks & Spencer, 2011) was a key to increasing both market share and revenue.
Their main competitors are Next and Arcadia group in the clothing industry, John Lewis in homeware and Waitrose with Tesco in the food sector.
Corporate social responsibility * M&S launched Plan A in 2007, the main aim of which
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