Marks & Spencer launches further promotions
M&S has announced another round of seasonal promotions following on from two one-day 20 per cent discount sales.
By Mark Higgins
M&S said it will offer ‘4 for 3’ on all party food, selected champagne at half price, up to 30% off selected seasonal clothing and ‘3 for 2’ on Christmas toys and gifts from Thursday.
Executive Chairman Stuart Rose said: “We know that our customers are feeling the pinch but we all need a bit of sparkle this Christmas. That’s why are committed to continue to offer a wide range of promotions to help make the festivities special for everyone.”
Whilst the new cuts are aimed at driving more customers through the door as the battle to win the more elusive customer Christmas pound intensifies, the resulting cut in margins can only hurt M&S’s profits in the long run. Naturally customers will spend on higher quality food when its close to the prices available in grocery discounters, but when the M&S promotions end, consumers will fade away. Its a short term boost to sales with no long term gain and we’ve already seen Waitrose market share decline today as shoppers vote with their feet and turn to the discounters.
