In fact, M&S has already ablated 21 stores and the axe is set to fall upon a number of establishments in the near future. What are the reasons behind such closings and how do these highlight the current shopping trends throughout the United Kingdom?
This consumer chain is not the first to have experienced financial woes in the wake of a new consumer community. As senior analyst Laith Khalaf at Hargreaves Lansdown observed, "Having a huge store estate is no longer the powerful retail force that it once was."
Others have stated that the retail mammoth had been "drifting" from its original intention and as a result, changes would be required in the near future. This comes as no great surprise when we consider that their Simply Food chain has curtailed the number of intended stores from 40 to 25; nearly halving their initial predictions.
It is only logical to question the reasons behind such closures. Many cite the fact that M&S has faced an increasing amount of pressure from Primark; its leading competitor (*). It is nonetheless a fact that these closings reflect a larger consumer trend. Shoppers are now becoming much more savvy in regards to the offers that are presented by retailers. This is due in no small part to the rise of the Internet and the availability of smartphone applications. In other words, they are now able to quickly browse for the latest bargains. Loyalty is earned just as much via discounts as it is through the brand names themselves.
Some analysts have even gone as far as to claim that M&S will lose its "crown" in regards to the retail clothing market within the United Kingdom. While such closings do not necessarily represent the end of an era, the lesson here is impossible to ignore. Retailers are now facing fiercer competition than ever before. As the average buyer becomes more aware of the deals that are present, larger firms will need to leverage their marketing powers in order to retain a loyal customer base.
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