M&S boss admits mistakes in Shanghai
Marks & Spencer Group has admitted it made several “basic shopkeeping” mistakes when it launched its first store in China.
Despite the setbacks Sir Stuart Rose told the Financial Times that the clothing, food and home wares group was committed to building more stores in China and doubling the proportion of group revenues that come from international sales. “We had a screw-up,” Rose told the newspaper when asked about supply chain problems at the store in Shanghai.
Rose told the FT in an interview during a visit to Shanghai that the company had misunderstood the local market, believing its experience in Hong Kong would translate easily to the Chinese mainland. “We need to get the A to Z of sizing right and we need better market research,” Rose said. “That’s what I call basic shopkeeping.”
