The Marks & Spencer stores form a majority of the market share in the retail industry. However despite the exhaustive investment by the company in marketing efforts to attract customers and encourage spending on their part, the retailer has reported massive falls in its holiday season sales. The company has been facing problems in terms of attracting customers in the holiday season for increased revenues for the past few years with the slump in sales that it has faced since 2006. “UK like-for-like sales fell 2.2% in the last three months of 2007, its worst performance for more than two years.
Sales of clothes and homeware declined 3.2%, while food sales dropped 1.5%. M&S said trading conditions would remain tough in 2008. The news pushed the retailer’s shares down 18.7% to 409.25p at close of trade. “(‘M&S hit by poor Christmas Sales’, 2008) The decrease in the sales has been brought about mainly due to the increase in the insecurity amongst customers about their financial status in the future and the global recession that is making consumers more wary when it comes to spending their money. “British Retail Consortium said UK retailers had seen the slowest sales growth in December for three years, with sales up by just 0.3% year-on-year. Sir Stuart told the BBC that the UK High Streethad “definitely slowed up” and conditions in the clothing market were tougher than they had been for 10 years.” (‘M&S hit by poor Christmas Sales’, 2008)
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