Back to school: M&S freezes school uniform prices as retailer battles to entice cash strapped shoppers July 5, 2022 M&S has frozen its prices on school uniform this summer as households face tightening budgets amid historic rates of inflation. The premium retailer also said it was introducing a 20 per cent off deal for back to school shoppers this month. The retailer – which was set to hold its annual general meeting for shareholders [...]
Sainsbury’s and M&S walk into shareholder storm over minimum living wage versus bumper bonuses July 4, 2022 As activists mobilise in the first shareholder resolution of its kind, supermarket giant Sainsbury’s will be put under pressure this week to pay all staff and contracted workers the national living wage. Responsible investment campaign group ShareAction is driving the experimental motion at the supermarket giant’s annual general meeting on Thursday 7 July. Legal & [...]
Stylish Stocks: Calvin and Tommy lead the way among best-performing fashion brands June 23, 2022 Even though people often associate the financial world with black suits, statistics, and little in the way of style, trading does have its fashionable side. Specifically, fashion stocks. From high-end brands such as Christian Dior and Ralph Lauren to high-street labels like Gap and Zara, retail shares are firmly on investors’ radar recently. Only yesterday, [...]
Bewildered: M&S hits out at Gove over public inquiry over iconic Oxford St flagship store redevelopment June 21, 2022 Marks and Spencer has slammed the housing minister’s decision to hold a public inquiry over a redevelopment plan of its Marble Arch store. The supermarket said it was “bewildered and disappointed” that Michael Gove had chosen to call in its plans to bulldoze the Art Deco flagship store on Oxford St. A public inquiry will [...]
Legal challenge over retail price index changes could cost taxpayer $40bn, analysts warn June 21, 2022 The government could be forced to fork out as much as £40bn in compensation if a legal challenge launched today over the Treasury’s move to recalculate retail prices succeeds, analysts have warned.
M&S names Alex Freudmann as new director of food June 20, 2022 M&S has named Alex Freudmann as its new managing director of food after Stuart Machin has taken up the job of chief executive. The retailer announced on Monday that Freudmann, who is currently the managing director of Australian alcohol seller Dan Murphy, would lead the supermarket’s grocery arm from November. As of 1 November, CEO [...]
Rowe has earned his money with the turnaround of Marks and Spencer June 7, 2022 Steve Rowe’s pay packet as he departs Marks and Spencer is, unsurprisingly, the subject of plenty of commentary. He’s walking into the sunset with £2.6m for his last year of work, a sum that set against an ongoing cost-of-living crisis in the rest of the economy will always raise eyebrows. Yet Rowe has earned every [...]
M&S bosses set to pocket £15m pay pot if bonus targets are hit June 7, 2022 Top bosses at Marks & Spencer could pocket some £15m in total if they achieve bonus targets, including a 50 per cent boost for the retailer’s share price. New CEO Stuart Machin is due to trouser a basic salary of £896,000, according to the supermarket’s annual report. Former boss Steve Row pocketed a salary of [...]
Shops’ tax bill 755 per cent higher than online rivals amid war of words over sales tax May 23, 2022 Traditional brick and mortar retailers pay 755 per cent more – almost eight times – than their online rivals in business rates tax. The figures come after Sainsbury’s and Marks and Spencer execs have voiced differing opinions over the prospect of an online sales tax. Fresh analysis by real estate advisor Altus Group has found [...]
Architects call for public inquiry over plans to bulldoze ‘important’ M&S flagship Oxford St store May 19, 2022 A coalition of historians and architects have urged Michael Gove to hold a public inquiry into plans to bulldoze the Art Deco M&S flagship store on Oxford St. The supermarket hopes to demolish the iconic building, constructed in 1929, in order to create a new 10-storey building, with office space and a gym. Architects – [...]