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The Rise & Fall of Marks & Spencer

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The Rise & Fall of Marks & Spencer

... and How It Rose Again

Profile Books,

15 min read
10 take-aways
Audio & text

What's inside?

How Marks & Spencer grew, got into trouble and fought its way back (the inside story of Marks and Sparks)

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Editorial Rating

8

Qualities

  • Background

Recommendation

Marks & Spencer is more than a British retailer of smart fashions at good value; it has deep roots in the British psyche. Generations have worked for the company or its suppliers, taking pride in its successes and suffering through its troubles. Judi Bevan captures that story in this lively, compelling history, introducing you to all of its executives and primary players. The store changed over time as the founders and their descendants finally gave way to professional managers who viewed M&S as a vehicle for personal ambition rather than as a family institution. To be fair, the world was changing, but the push for profits at all costs betrayed the company’s principles. Chairman Stuart Rose has revived the company’s culture while helping it flourish in a modern competitive environment. Therein lies a tale that getAbstract warmly recommends.

Summary

Michael and Simon Marks

Michael Marks was a peddler in Leeds, England, selling his wares at the no-haggle price of a penny because he did not speak English and couldn’t bargain. On Tuesdays and Saturdays, he ran a six-by-three-foot stall at the Kirkgate market. In September 1894, Thomas Spencer invested his £300 life savings to become Michael’s partner in Marks & Spencer’s Penny Bazaar on Cheetham Hill Road. They innovated by not charging admission. Spencer retired in 1905 and soon died, leaving Marks with the tremendous strain of running the growing business. He was a shrewd but paternalistic businessman. Various charities benefited from his generous spirit. Marks collapsed on Christmas Eve 1907 and died on New Year’s Eve at age 44. His son Simon was only 19.

After Marks’ death, Thomas Spencer’s executor William Chapman ran M&S with Bernhard Steel, who built its stores. However, the men did not get along. Following a lengthy legal battle, Michael’s son Simon, who had been on M&S’s board of directors since 1911, became chairman in 1916. On a trip to America in 1924, Simon had a meeting with Sewell Avery of Montgomery Ward that transformed his thinking and...

About the Author

Judi Bevan is a London-based freelance journalist who covers financial subjects

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