Britain's Marks & Spencer (M&S) will make the first deliveries through its new online food shopping joint venture on Tuesday, a cornerstone of its ...
Britain's Marks & Spencer will make the first deliveries through its new online food shopping joint venture on Tuesday, a cornerstone of its latest attempt to turn the company around and offset problems at its pandemic-hit clothing business.
Online grocery shopping has doubled its share of the UK market to 14per cent since the start of the COVID-19 pandemic, and M&S's joint venture partner Ocado reckons it could reach 30per cent over the next few years.That is making M&S more confident about its 1.5 billon pound deal to create Ocado Retail, which initially came under fire from some investors for its lofty price tag.
But the 136-year-old mainstay of Britain's shopping streets could do with a flawless launch after a decade of failed revamps and amid plunging sales in clothing and homewares. M&S's new online food venture is key to achieving its goal to double the size of its 6 billion pound food business.
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