Another blow to the retail industry. That Great British bastion of the high street, Marks & Spencer, has already closed 21 stores with 14 more in the pipeline, and there will also be another 65 stores closing where sales are down and charges are high, causing a reduced profit.
Marks & Spencer was formed in 1884 when Michael Marks, a Polish refugee opened a market stall in Leeds, with the slogan ‘Don’t ask the price, it’s a penny’. In 1894 Marks went into partnership with Thomas Spencer, a former cashier from the wholesale company, Dewhirst. In 1904 Marks & Spencer opened their first shop in Leeds.
However, times have changed, and the majority of us are now shopping online. The big M&S shop windows stretching a good length down the high street will rapidly become a thing of the past, as now less space is needed.
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