Executive SummaryDynamism has always been the trademark of any sustainable business. The moment any industry, organization or for that matter even individual associated with business or commerce, stops responding to the ambience or keeps vegetating, it is the onset of decline. Change is a panacea for sustainability and it is a universal law of nature too. Change can either fetch fortunes or it can be detrimental. This depends on how one handles and manages change. In technical terms this is what is called as “Change Management”. It needs a great deal of environmental analysis, introspection, strategic layout and strong will to sustain a change.
This assignment is an endeavor in this respect. It will consider the UK based retail giant Mark & Spenser (M & S) specially its food section. It will peep into the important changes made from the view point of M & S. On the basis of this analysis, this assignment will take a critical stand over it. Moreover it will also stress on the prediction of future changes. This assignment will deal with all important aspects of change management.
It will also ccritically analyse the way in which change was managed and will use this knowledge to forecast changes that may happen in the future. Though the assignment deals with food section only, yet it can be generalised for other verticals also. IntroductionMarks & Spencer (M & S) is one of the High Street’s best known names and is a very famous UK's leading retailers. It deals in clothing and food along with home products and financial services as well. To an estimate by studies around ten million people shop every week in its stores which are over 375 in number in UK only.
Apart from it, M& S has 155 stores which are managed under international franchise in 28 countries. These are mostly in Europe, the Middle East, central and the Far East Asia. Along with it, one can find M & S stores in the Republic of Ireland, Hong Kong and also in US (supermarket group and Kings Super Markets). The company is structurally segregated into various strategic business units (SBUs). These SBUs cover a wide range from food to general merchandise.
The general merchandise unit itself is further divided into various other sections. These sections are namely women’s clothing, menswear, lingerie, beauty and home. These various SBUs and sections in collaboration contribute to the company’s vision which is ‘to be the standard against which others are measured’. There are some inherent values of M & S which are in fact central to the operation of various business units and sections. These prominent core values are quality, value, service, innovation and trust. Though M & S handles various verticals but its core competency seems to be clothing and food sections only.
However gone are the days when M& S was unchallenged as clothing sales are facing tremendous pressure from chains like Next and Asda. Also the food section revenues have taken toll by completion from Tesco and like. Performance BackgroundIn the last half a decade, in reaction to the massive decline in sales, M & S has seen a series of changes in management and corporate structure. According to market specialists, the one time market leader in worldwide quality food and clothing retailer has now become old-fashioned, uncompetitive haze on the UK stock market.