Marks & Spencer Group PLC
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Marks and Spencer Turnaround on Track but at Risk Due to Current Macro Backdrop in U.K.
Business Strategy and Outlook
In a fiercely competitive United Kingdom retail marketplace Marks & Spencer Group's, or M&S, underperformance is yet another sign of the difficulty in developing competitive advantages in the retail sector, leaving it exposed to disruption from new players such as price-led discounters and online retailers. When new management took over in 2016, a new transformational plan was implemented. Although slow at the beginning, progress has been material postpandemic, with the company aggressively slashing costs at a rapid pace in light of strong headwinds for its nonfood business caused by pandemic-driven lockdowns.