The idea for Marks & Spencer was set in motion in 1884 when Polish immigrant Michael Marks borrowed GBP 5 from a friend to open a penny bazaar on Kirkgate Market in Leeds, UK. Despite not having been in the country long and with limited English, Marks’ stall quickly became a success, attracting attention with its slogan, “Don’t ask the price, it’s a penny.”
Before long, Marks needed help running his operation. He partnered with a cashier he met at the local wholesalers, Tom Spencer, and a lifelong connection was born. The pair began selling homewares under the name Marks & Spencer, adding many more new penny bazaar stalls across northwest England.
Over the years that followed, the company’s reputation for quality goods at a low, flat price spread across the UK. By the 1930s, Marks & Spencer was a household name with over 200 stores throughout the UK.
International expansion soon followed, with stores opening throughout Western Europe and as far afield as Canada. In 1998, the company became the first British retailer to post pre-tax profits over GBP 1bn.
Driving this success is a long-standing focus on quality goods, excellent service and affordable prices – a blueprint that continues to serve the company and win new customers to this day.
Marks & Spencer currently employs over 65,000 staff across its 1,487 stores in more than 100 international markets. Its financial returns are just as impressive. In 2022, group profits exceeded USD 11.9bn.
Perhaps more importantly, the brand is still one of the UK’s most trusted, and its stores remain a near-permanent fixture in a high-street retail sector that has transformed enormously since the company’s inception some 140 years ago.
