Marks and Spencer 2002 Annual Report Download - page 4

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Chairman’s message
They were therefore quick to respond when they saw that Marks & Spencer was taking them seriously. As the
business rediscovered its talent for innovation, quality, value and service, it also began restoring that all-important
trust between retailer and customer. Shoppers started coming back through our doors, delighted to find that the
Marks & Spencer they remembered was still there – and indeed even better.
That is the reason why the recovery has been quicker than many people expected – not simply that we’ve got back
to fundamentals, but that, in so doing, we’ve reconnected with a huge reservoir of goodwill that never ceased to
exist. The vicious circle of decline became a virtuous circle of recovery when, once again, we were able to tap
that capital of loyalty that represents the real value of the business.
Looking ahead, our task is to keep building on our fundamental strengths, guided by our mission of making
aspirational quality accessible to all. If phase one of the plan focused our efforts on the heart of our business,
phase two addresses our future growth. It looks at how we deliver value, both for our shareholders and for the
communities in which we operate. After much debate and refinement, it is summed up in the following statement.
We will:
•Regain our leadership in clothing and speciality food by translating our scale and authority into superior quality,
value and appeal;
•Build on our unique customer relationships through new products and services, particularly in Home and
Financial Services;
•Shape our store locations, formats and product offer to meet the changing needs of our customers;
•Reassert our position as a leading socially responsible business.
The past year has proved that returning to fundamentals and reconnecting with our customers really does make a
difference. We knew the brand was strong – stronger, indeed, than its custodians – and have shown what can be
achieved by releasing its inherent strength. On this basis we aim to become, once again, the standard by which
all others will want to be measured and to generate increasing value for our shareholders.
Thank you for standing by us as we turn the business around. Your support is much appreciated by all of us in
the Group. As our fortunes now look up, we look forward to your continued support – and hope you enjoy
the shopping.
Luc Vandevelde
Chairman and Chief Executive
2Marks and Spencer Group p.l.c.