M&S, spending, savings and the economy

M&S is to close more than 80 stores as part of a major business overhaul, The Guardian reports. ‘We have now completed a forensic review of our estate both in the UK and in our international markets,’ said M&S chief executive, Steve Rowe. The move means that the high street chain will retreat from owning stores in 10 countries and reduce its reliance on its poorly performing clothing business, Rowe has already promised to lower its clothing prices and pay more attention to its most loyal group of shoppers. Analysts say these 50-something women had been neglected as the store chased younger shoppers. M&S is shutting 30 UK stores but a further 45 will have their clothing departments closed or be relocated. Retail Vision’s John Ibbotson said: ‘M&S’s humiliating withdrawal from 10 overseas markets is…a Dunkirk moment for iconic British brand.’ Christmas shopping Consumers looking for a bargain online before Christmas could be shortchanged by sellers working together to fix prices, the competition watchdog has warned.