Store revamps on hold at M&S
Rose’s spending review examines investment programme
Stuart Rose has put Marks & Spencer’s store refurbishment programme on hold as part of his fundamental review of the retailer’s business.
The new chief executive is putting clear blue water between himself and the revamp of the business spearheaded by his predecessor Roger Holmes, along with general merchandise director Vittorio Radice, both of whom have now left M&S.
[img r]m&sstuartrose.jpg[/img]Rose ([i]pictured[/i])has put a six-month moratorium on all spending, including capital expenditure on new stores and refurbishments, as well as investment on IT, external consultants, maintenance, repairs and marketing. Head office recruitment is on hold, and staff will not be allowed to sign up for external courses and conferences
All “non-merchandise expenditure” must be approved at the highest level. The spending freeze extends to previously-agreed projects. Holmes and Radice had put in place a store revamp programme as the centrepiece of their strategy for the recovery of the business.
Radice had been given a wide ranging brief to overhaul the image of the 350-plus M&S UK stores.
[img l]M&Slifestorelogo.jpg[/img] Along with developing new city-centre and suburban formats which would create a stronger display environment for the M&S product range, there was an emphasis on M&S sub-brands such as Simply Food, Lifestore and Per Una.
Rose has also met with clothing supplier and designer George Davies, creator of the Per Una brand, to discuss further development. The terms of the contract with Davis is seen as a core issue by Philip Green, who asked for details when he tabled his now-rejected bid for M&S.
