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Marks &Amp;Amp; Spencer. ... From that humble beginning Marks & Spencer became leader
in the industry ... And for more than half a centuryM & Spencer was the epitome of ...
Submitted by vsitani on January 8, 2007
Category: Business
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FINANCIAL ANALYSIS OF MARKS & SPENCER
Introduction
Global retailer Marks & Spencer is the United Kingdom’s premier clothing, food, and financial services retailer. The company’s commitment to value, service and quality began in 1884 when Michael Marks, a Russian born Polish refugee formed a partnership with Tom Spencer, a former cashier from the wholesale company IJ Dewhirst, which later on became Marks & Spencer. During this 120-year journey, Marks & Spencer has continuously evolved and is known as one of the biggest retailers in the world today.
Marks & Spencer moved in food business in 1931 and initiated financial services business in 1985 with their charge card. The group has around 68,000 employees and serves 15 million customers per week1.
Marks & Spencer’s biggest tangible asset is its store portfolio which comprises over 600 stores worldwide, out of which 451 operate in the UK and 217 in 30 territories across the globe. Some of the stores that operate in the UK have been structured as “Simply Food” which cater to customer demand in convenient locations. In its international portfolio, Marks & Spencer has 8 wholly-owned stores in Hong Kong and 11 in Ireland. The remaining are franchised stores spread across Asia Pacific, Europe, Central Europe, Middle East, and Central Asia.
1Marks & Spencer Annual Report 2006. http://www. 2marksandspencer.com
2. Strategic Analysis
Marks & Spencer Board comprises of the Chairman, Chief Executive, one executive director and four on-executive directors. Collectively, the Board is responsible for the success of the company. Through the Chief Executive, the Board delegates to management the overall performance of the company through the setting of clear objectives, building long-term management capability and...
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