Marks and Spencer 2009 Annual Report Download - page 15

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11
125 years in retail
We are confident that M&S is well-placed to emerge from the recession
as a stronger business. Our optimism is based on the advances we have
made in the past five years, and the vantage point we have as a retailer
with a 125 year history.
We have been through significant recessions in the UK, from the
Great Depression of the 1930s to the dotcom bubble bursting in the early
years of the 21st Century. We have also traded through two World Wars
and numerous other events that have all rocked consumer confidence.
We have approached this recession in exactly the same way as we
approached previous recessions. Our experience suggests M&S is
early to feel the effects and early to experience recovery.
Our customer base is broad and with high market share we have
the clear advantage of being able to analyse trends and react quickly to
changes. Our core shopper is slightly older, and because they have been
through previous recessions, were quick to rein back spending at the first
signs of the economic downturn.
We have worked hard to help our customers and to reassure them that
we offer great value, and there are now encouraging signs that our core
customer is more confident.
Looking ahead
Building an M&S that is fit for the future means we have to continue to listen
to our customers and anticipate trends. It also means looking to our rich
heritage to inform our future. This is a strong, resilient business and we are
working hard to deliver our plans.
M&S is not a fair-weather brand. We are here for our customers in the
bad times as well as in the good. It would be impossible to deliver against
our brand values without staff and suppliers who are second to none.
I would like to take this opportunity to thank them very much for their
hard work, loyalty and support in the toughest of circumstances.
The year ahead will bring new challenges. But we believe our strategy
is sound, and we are fully focused on coming through the recession in the
current year, and driving the business beyond that for the future.
Sir Stuart Rose Chairman
125 YEARS OF QUALITY
1926 Our first bra was
designed to flatten the breasts,
in-keeping with the ‘flapper’
fashion of the time. The first
tights then arrived in 1962 and
we now use enough lycra in
them to stretch to the moon
and back 300 times.
2009 The most popular bra size
bought in M&S stores is 36C, with
100,000 women fitted by our
customer assistants every week.
12
11 6