Financial Ventures of Marks and Spencer

In: Business and Management

Submitted By sayantanghosal
Words 794
Pages 4

When we hear about Marks and Spencer, the first thing that comes to our mind is its headquarter in the city of Westminster, London. Frankly speaking, regardless whether it is a subconscious action or not, Marks and Spencer is more related to clothes and food products than anything else, at least for its normal consumers. With 703 stores in United Kingdom alone along with more than 400 stores spread across 40 countries worldwide, it is truly one of the biggest retail giants the world will ever come across. Founded in the year 1884 My Michael Marks and Thomas Spencer in Leeds, the company has surely received its highs and lows, but the act of venturing out in different section of industry has still not stopped – and history will tell how the organization has grown to leaps and bounds over the past century.

In this brief essay, however, we will attempt to look into the financial wing of the comoany, and try to trace the evolution of the service which the relatively young division offers, in a proper timeline format.

The year 1985 – St. Michael Financial Service is launched. Starting with 8 staff, the comapnay launched its forst service, the Chargecard. Three years later, in 1988, the company decides to change its name to Marks and Spencer Financial Service Limited. Next year onwards, the comay starts giving out Personal loans. The service is instantly a hit, and is one of the most sought after service offered by Marks and Spencer.

The most important benefit of M&S Personal loan is that you can literally use the money wherever and however you want to, and the borrowing limit is also set to a whopping £25,000. Surprisingly enough, if the market is thoroughly studied, M&S, regardless of whether this is a strategic ploy or not, kept its interest rate lower than much of its competitor, thus actually gaining the fancy of the mass. The repayment period of M&S…...

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