It seems the Marks & Spencers revival dream might be slowly grinding to a halt. The classic British High Street store was rescued by Stuart Rose four years ago and thanks to a whole host of celebrity ad stars, and a revamped clothing range experienced a sales boost. However, the credit crunch seems to have taken hold of the store which yesterday reported a 5.3% decrease in like-for-like sales.
Sir Stuart Rose commented, "At our preliminary results in May, we reported a mixed start to our 2008/9 financial year and expressed caution about consumer sentiment. Since then, consumer confidence levels have deteriorated markedly and market conditions have become more challenging."
What do you think of the news? Do you shop at M&S?