M&S A smart cut

Marks & Spencer’s turnaround is breaking the mould. Normally, when retailers map out a recovery strategy, they face a conundrum. They have to cut prices to try and lure customers back into the stores. But this leads to falling margins and hits profits, as both Boots and J Sainsbury – two other British retailers in turnaround mode – will testify. M&S, however, seems to be able to have its cake and eat it too. It has cut prices by 5-10% on clothing and homeware, and this has resulted in better-th...