Struggling high street retailer Marks and Spencer Plc is mulling a shake-up of its food operations to coincide with the appointment of former Asda executive Justin King as head of the section.
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A company spokeswoman stressed to The Independent newspaper that, “in terms of how he [King] wants to run the business, it is very early days.” She added however that, “with a business this size and with so many changes you can never say never.”
In order to further reduce costs and increase profits, the changes could involve putting more of its food contracts out for competitive tender.
Luc Vandevelde, Chairman and CEO of M&S, has already served a year of his self-imposed two-year deadline in which he proposed to have turned the group around.
Once a British staple, M&S has fallen from grace in recent years. Encountering mass demonstrations after announcing in March that its European operations must close to save the UK business, the company reported its third consecutive slide in annual profits last week, down 7% to £480.9m (US$681.6m).
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By GlobalDataAt the same time, the group announced that it is preparing to move from its Baker Street Head Office in central London, sparking speculation of further job cuts as its proposed destination has less space for employees.
