Clothing and home vs food retail
Marks and Spencer has a wide range of options available for its customers, selling products from numerous categories, including clothing, cosmetics, household items, and luxury goods. Over recent years, the company has also developed into a high-quality food brand. From 2018 to 2021, the retailer saw falling worldwide revenue growth year-on-year. This was worsened by the coronavirus (COVID-19) pandemic which caused the retailer to lose revenue in the financial year 2021 due to national lockdown measures and decreased consumer spending. However, 2022 bucked this trend as M&S recorded their highest revenue, with 10.89 billion British pounds.UK customers are the main source of income for M&S, with a revenue of almost 10 billion British pounds in 2022, i.e., more than ten times that of the company's international operations. Roughly two-thirds of this revenue comes from the food segment, which accounted for sales of just over 6.6 billion British pounds in 2022. Marks and Spencer's online platform has also experienced considerable growth, attracting hundreds of millions of visitors to its website and shopping app. However, the footfall in physical stores, has steadily declined over the past decade, sitting at 14.1 million visits per week in the 2022 financial year.
