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Marks & Spencer Says That It Must 'Accelerate Change' To Survive

Published on May 23 2018 8:57 AM in Retail tagged: Featured Post / UK / M&S / Marks & Spencer / Steve Rowe / Closures / Paywall

Marks & Spencer Says That It Must 'Accelerate Change' To Survive

Marks & Spencer said on Wednesday it urgently had to modernise or risk fading away as it reported a second straight decline in annual profit and booked a £321 million charge for a store closure programme.

The 134-year-old M&S faces unrelenting competition from supermarkets, fashion chains like Zara, H&M and Primark, as well as online giant Amazon.

In addition, efforts to revitalise its business are being hampered by ongoing pressure on UK consumers' spending power.

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