A branch of M&S in London. Image: ui Mok/PA Archive/PA Images A branch of M&S in London. Image: ui Mok/PA Archive/PA Images THE ICONIC BRITISH retailer Marks and Spencer has dropped out of the FTSE 100 stock index for the first time – a mark of how turbulent the last few years have been for the 135-year-old retailer.
The retailer, founded on the slogan ‘don’t ask the price, it’s a penny’ has faced significant difficulties in recent years as customers have moved online and lost interest in its clothing, especially the womenswear ranges that once defined Marks and Spencer. With issues like Brexit and a weak pound causing trouble for plenty of UK businesses, M&S is acutely vulnerable as it tries to plot a path back to better times - it might be hard to imagine now, but in 1998 it was the first British retailer to make over £1 billion in annual profit.
The company has been shutting down under-performing stores, with more than 100 pegged for closure by 2022. “We remain on track with our transformation and are now well on the road to making M&S special again,” he added. In one example of the company’s evolution, M&S is soon planning to offer a food delivery service after striking a partnership with online supermarket Ocado.