M&S looks to Europe again

first_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp KCS-content M&S looks to Europe again Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyDiscovery23+ Sports Stadiums Around the World That Are Abandoned NowDiscoverySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldcenter_img Show Comments ▼ whatsapp MARKS & Spencer (M&S) is reportedly planning an ambitious return to continental Europe by buying back the stores it left almost ten years ago. The retailer is believed to be holding discussions with Spanish chain El Corte Ingles about taking back some of the nine stores it sold in 2001.M&S is also believed to be considering a move back into France by re-acquiring some of the 18 stores it sold to Galeries Lafayette, the French retailer. The decision could be unveiled on 9 November when M&S’s new chief executive Marc Bolland presents his long awaited strategic review of the chain.The move would be a complete reversal of the retailer’s withdrawal from mainland Europe nine years ago, a decision Sir Stuart Rose, its outgoing chairman and former chief executive has said in the past he regretted. A source told a Sunday newspaper that Bolland wanted to rebuild the store’s presence in Europe and was keen to buy back its old assets. Another said: “M&S has been circling back to see where the ownership was on some of the properties that it exited in 2001. There is a view that the company exited them in some haste.” M&S’s decision to leave continental Europe to focus on its core market of the UK was prompted by a two-thirds loss in its share price and dwindling profits, which plunged to £145m in the year ending 31 March 2001 compared to over £1bn in 1998. M&S had until 2001 traded successfully in Europe. In 1997 its European operation contributed £38m in profits but by 2000 the division made a £6.1m loss and in the first half of 2001 losses widened to £10.8m.Over the last nine years the retailer has gone through a process of modernisation and recovery a large part of which was led by Rose. The retailer’s departure from Europe is considered a wound that still needs to be healed by a number of senior M&S executives, particularly given the reaction the decision provoked. The retailer’s flagship Paris store had its own book of condolence while M&S employees staged demonstrations and sit-ins in stores, as well as a protest rally in London. The retailer currently has no wholly owned stores in western Europe. M&S declined to comment. Sunday 31 October 2010 10:30 pm Sharelast_img