M&S: Sale 'spectacular' not panic

TROUBLES stores group Marks & Spencer held its biggest ever one-day sale yesterday as chief executive Stuart Rose tried to win back shoppers.

The One-Day Christmas Spectacular offered 20% discounts on almost all ranges except food, though M&S denied that it was a panic measure.

The promotion, which has never been staged before, was kept under wraps until the last minute to avoid alerting rivals. Debenhams is thought to be planning a similar discount day next week.

Rose said: 'It may get us some lapsed customers and shows we are alive and kicking.'

He went to M&S stores in Basingstoke and London's Marble Arch, which he said were 'mobbed by customers'. He added: 'We are having a cracking day.'

Some analysts fear the promotion could be a sign of desperation amid talk that womenswear sales are down by more than 15%.

Numis analyst Iain McDonald said: 'It all seemed a bit on the hoof.' He pointed out that staff were still hanging up signs when he visited a local store. But M&S said: 'We have been planning this for quite some time.'

The discount day was designed to help the retailer win early custom from festive shoppers. The new M&S Christmas television advert launches today, starring Des Lynam, Gordon Ramsey, Martine McCutcheon, Helen Mirren and Rupert Everett.

M&S has never before offered such large-scale discounts. Previous one-day promotions gave 10% off to cardholders only. But Rose knows he needs to take drastic action. Marks is losing market share in all key areas.

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