Muqeem Ahmad, London,
British retailer Marks & Spencer’s suffered an 88% drop in revenue last year, resulting in a loss of 201.21 million as of March 27.
According to data released by M&S, business activity remained positive at the beginning of the year and will improve in near future. Following this encouraging statement, Marks & Spencer’s shares rose to 6%.
According to the 137-year-old business, clothing and home appliances fell 31.5% last year, mainly due to the closure of all UK outlets during the lockdown. However, food sales remained 1.3% higher.
The heads of the companies have announced revolutionary changes in their business activities. These include the closure of non-profit stores, the use of information technology, the focus on e-commerce and the improvement of product quality.
In the next ten years, 30 stores will be closed and 80 stores will be relocated.
It should be noted that Marks & Spencer has so far relocated 59 stores to other locations and laid off thousands of employees.
