Marks & Spencer’s chief executive has issued a stark warning following Labour Party Chancellor Rachel Reeves’s recent speech, revealing that customers are increasingly anxious about economic challenges ahead. Speaking after a visit to an M&S store last month, the CEO shared insights from customer surveys indicating growing concern over rising costs and tax increases.
“They are very worried about tax rises and believe things are heading in the wrong direction,” he said. “Customers are preparing for the worst but hoping for the best.”
Reflecting on the company’s recent performance, the CEO described the first half of the year as “an extraordinary moment” for M&S. Yet, thanks to the company’s strong financial foundation and resilience, M&S is now on a path to recovery and growth.
READ MORE: Sutton Coldfield Woman Caught with Nine Cats Despite Ban, Calls Them ‘My Babies’
READ MORE: Oriflame Brings Scandinavian Sparkle to Bullring with Festive Pop-Up and Freebies
In response to changing consumer behavior and economic pressures, M&S recently announced the closure of 11 cafes as part of a broader store restructuring plan. The retailer, which operates over 300 food shops nationwide, is focusing on modernizing its food business and expanding its product range.
A spokesperson explained: “As we look to modernize our food business and offer the best of M&S Food to more people, more often, we are investing in our store estate to provide our customers with the widest possible product range. This includes opening new coffee shops featuring delicious food and barista-made fairtrade coffee, such as at our new Bristol Cabot Circus location.”
This strategic reshuffle is part of a £300 million investment and store rotation program designed to significantly increase the number of M&S food halls. The plan involves converting several full-line stores into food-only stores and upgrading existing locations to better serve customer needs and preferences.