M&S head seeks ‘evolution not revolution’ as spending review looms
Marc Bolland, boss of Marks & Spencer, has indicated that he intends to steer the high street retailer through a period of “evolution not revolution” as the store braces for an anticipated slow down in consumer spending.
Rather than reinvent the wheel Bolland is determined to see the firm adapt to the business cycle by offering competitive pricing to tempt customers to spend in lean years, whilst emphasising upmarket food and clothes in times of plenty.
M&S’s top selling suit cost £149 this quarter, £20 more than last, a fact Bolland cited as a sign that customers “buy once and buy well.”
Faced with stiff competition from the Big Four grocers, Marks & Spencer is to focus upon unique and specialised products rather than compete head on for the full weekly shop.
Bolland believes that the forthcoming Comprehensive Spending Review will impact upon consumers disposable income but states that the stores older shoppers would be better cushioned against any fiscal fall out.