Marks & Spencer

The story of Marks & Spencer begins in 1884 with a simple idea from a Polish refugee, Michael Marks. He set up a stall at Kirkgate Market in Leeds with the slogan, 'Don't ask the price, it's a penny'. This 'Penny Bazaar' concept was a hit, selling a variety of small goods. To grow the business, Marks needed a partner. In 1894, he joined forces with Thomas Spencer, a cashier from a local wholesaler, and Marks & Spencer was born. The partnership flourished, and by the turn of the century, they had expanded to 36 Penny Bazaars. A pivotal moment came in 1926 when the company, under the leadership of Simon Marks, son of the founder, went public. This move provided the capital for significant expansion and a shift in strategy. The company began developing its own product lines, establishing direct relationships with British manufacturers. This focus on quality and innovation, particularly in clothing and food, became the brand's hallmark. Throughout the 20th century, Marks & Spencer cemented its place as a British retail icon. However, the late 1990s brought significant challenges as the company faced increasing competition and was perceived as having lost its way. A notable event was the rejection of a £9.1 billion takeover bid from Philip Green in 2004, a move that allowed the company to remain independent and focus on a long-term turnaround strategy. The journey from a market stall to a public company demonstrates a remarkable evolution in retail.