If Marks and Spencer are not on the cusp of a seismic change in business strategy, we think they should be.
Marks and Spencer have been trying to dig their general merchandise business out of trouble for several years but for now it seems that the time has come to stop digging.
It feels like, by closing stores and cutting jobs without an accompanying announcement on a new strategy, M&S are giving in. Or rather, they are still digging, but this time a trench to retreat in to.
Reducing cost will take the pressure off the profit performance but this will only be short term, and will not save themselves rich. Get the offer sorted out before worrying about short term profit. If they don’t, they could regret giving up that space one day.
New face for M&S
We would like to see a new face at M&S, one that is new to the business not just the board room, to identify the customer that they want, not the customer that they have.
She is confident in her style, something that M&S should learn from, and yes she is an existing customer already only she currently walks past the clothing rails in search of food.
The only time that M&S should be allowed to use that spade again is if they start digging the foundations for a revived and renewed fashion offer.