The chairman of Marks & Spencer believes that the coronvirus pandemic will end in lasting adjustments to procuring habits and that it has compelled the excessive road retailer to squeeze “three years into one” in preparation.
“We might have misplaced a yr financially, however it won’t be a misplaced yr for the enterprise. We are going to come out of the opposite facet a modified enterprise. It’s like we have now completed three years in a single,” Archie Norman mentioned.
Mr Norman, 66, mentioned that the retailer had devised a £1 billion motion plan to make sure that it had loads of monetary headroom to climate Covid-19, which included tackling its mountain of inventory and slashing spending. Nevertheless, he admitted that there had been some “anxious” days early