Blog: A penny for your thoughts, Sir Stuart?
Dean Best | 14 May 2009
Often roundly criticised for being too expensive, Marks and Spencer will next week offer consumers selected products for just 1p.
The UK retailer will next week launch a “penny bazaar bonanza” to mark its 125th anniversary and offer 20 products to consumers on a “when it's gone, it's gone” basis.
“Retro” sweets, cufflinks, ties, purses and knickers will be among the products available for 1p at 300 M&S stores in the UK from next Wednesday (20 May).
The fortunes of M&S's food business have suffered amid the economic downturn, with shoppers believing the upmarket retailer does not offer enough value and switching their shopping elsewhere to the likes of Morrisons, Tesco and Sainsbury's.
Indeed, Sainsbury's boss Justin King said yesterday that M&S (as well as fellow high-end grocer Waitrose) had been a “rich seam” for his company as they have lured consumers with campaigns like “Feed Your Family for a Fiver”.
However, Sir Stuart Rose, the M&S chief, reckons the penny push will give shoppers “a real treat”.
“It’s been a tough year for us all but people are fed up with being fed up,” he said. “M&S started off in life as a Penny Bazaar back in 1884, so what better way to share our birthday with our customers than offering them the chance to choose M&S products for just one penny?”
M&S announces its full-year results next Tuesday. Following a year in which the retailer has seen its food sales suffer, jobs cut and stores close, as well as the likes of Sainsbury's attract M&S shoppers, it will no doubt be worth more than a penny to hear Sir Stuart's thoughts on the future of the business.
In recent months, the UK food sector has seen a number of successful reintroductions of once popular but discontinued brands. Ben Cooper examines the reasons behind this trend and asks if harking back...
Hain Celestial, under the scrutiny of the investment community in recent months and facing some challenges in its domestic market, has announced another shuffling of its management pack....
UK retailer Marks and Spencer posted a drop in annual profits this morning (19 May) and cut its dividend by a third....
FrieslandCampina, which today served up higher profits but lower sales for 2016, is ready to offload the last non-dairy business owned by the Dutch cooperative giant....
- Why personalisation will take-off in US food
- General Mills sales woes continue - analysis
- US food next wave on display at Winter Fancy Food
- Comment: Meal kits in US - don't believe the hype
- Column: Kraft Heinz, Unilever and sustainability
- Unilever 'lining up spreads sale'
- UK own-label firm Park Cakes sold in MBO
- Immigration crackdown "risk" for US dairy industry
- BRF plant suspended amid bribery allegations
- Fonterra cuts earnings forecast