Marks & Spencer’s will be spending around £900 million to improve business in the UK. It was announced that the company, who has nearly 1000 stores, will be increasing its clothing brand while cutting out about 300 other non-food lines.
The announcement is touting M&S strengths, as reports indicate that business is up for the company by more than 5 per cent. The realignment and changes being made are getting done in an effort to build on the company’s strengths, say representatives.
These changes do not come at a time of loss for M&S, but at a time of increased profits. The new policies and protocols are described as an evolution toward what is making the company grow, rather than a pulling back from failures.
The focus for M&S will be its UK market. More than £600 million of the proposed total will be spent in the UK market. This will include a growth of total products from 7000 to 8000. A projected £150 million will be used for the company’s Internet business and a refurbishing of its website.
The new plan, which was laid out by Marc Bolland, the new CEO of M&S, is not really a deviation from the plans of former CEO, Sir Stuart Rose. It is, however, a clear direction of where the company intends to keep growing. It was an important step for Bolland to come out and announce the plan, experts say. The company will most certainly want to continue building upon the foundations that were laid by Rose and this plan does exactly that.
Bolland himself describes the plan as taking logical, practical steps. He states that he does not want to do anything radical.
The projected results of the plan are to have most of the UK sitting only 30 minutes from an M&S store and to increase international sales to around £1 billion.