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M&S looking to increase share of grocery market
With its recovery underway, Marks and Spencer has sights on a bigger slice of cake
Marks and Spencers aims to secure a 5% share of the grocery market through the opening of more of its Simply Food outlets.
Speaking today, before the company's annual shareholder meeting, chief executive Stuart Rose, said he expected to build M&S's share of the grocery market to 5% from its current 4.1%.
He said the chain was winning shoppers from all other retailers, with market share growing in all departments, except childrenswear.
Total like-for-like sales in the 13 weeks to the beginning of this month were up 8.2%. First-quarter food sales climbed 5.8%, while general merchandise sales - which include clothing and homeware - were ahead 10.5%. It was the fourth consecutive quarter of growth for the company.
This is an encouraging performance, albeit against soft comparatives for last year," Rose said.
Marks and Spencers is currently spending £45m a year on its high-profile advertising campaign. It is also refurbishing its entire store portfolio; and has announced plans to hire a further 4,000 staff.
Twelve months ago the chain unveiled a 5.4% decline in trade.
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