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Retail

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

By Steve Wynne-Jones
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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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