Drastic drop of Marks & Spencer half year profit led the company to close down 80 stores, 2100 job losses is at stake. Incidentally, fashion is never lax, this made Marks & Spencer Retail Company CEO Steve Roweto paln a to redefinition of their stores into modernize clothing shops as well as giving way to Simply Food outlets.
Marks & Spencer Retail Company CEO, Steve Rowe is making a huge shakeup with UK's leading clothing chain, According to report, Marks & Spencer outlets overhaul will take five years to complete, it will be a complete turnabout for the company.
In response to Marks & Spencer's massive profit decline, M & S CEO needs to close a number of Marks & Spencer outlet. It is identified that the company is looking into Food Industry, as well redefining their marketing strategy. CEO Rowe plans to reopen some stores into new Simply Food outlets.
As stated by The Guardian, "The embattled retailer intends to put clothing and food on an equal footing with same amount of selling space devoted to both sides of the business." Simply Food outlets will receive the same footing as Marks & Spencer clothing outlets.
132 years, it is how long Marks & Spencer Retail Company had been in the clothing industry, it catered to the rich and famous around the world. Now that Fashion is fast changing, they are left hanging with outdated marketing strategies.
According to Steve Rowe in Mirror, "These are tough decisions, but vital to building a future M&S that is simpler, more relevant, multi-channel and focused on delivering sustainable returns."
The company will open new clothing lines like Autograph, Per Una, Blue Harbour, Alexa Chung's Archive collection, Baartman's & Siegel menswear, and Marie-Chantal childrens. It will cater to the younger and more upbeat Marks & Spencer Retail Company customers.
Meanwhile, Online retail is also part of the company's remaking, they want to reach out further to the people.Hopefully, the drastic change that Marks & Spencer is taking will lead to the company's revival in business.
