
Stuart Rose, chairman of bellwether British retailer Marks & Spencer (MKS.L), said consumers can cope with government spending cuts and retail sales will grow next year, even though trading will be tough.
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Stuart Rose, chairman of bellwether British retailer Marks & Spencer (MKS.L), said consumers can cope with government spending cuts and retail sales will grow next year, even though trading will be tough.
Retailers in the United States and Europe must consolidate and invest in emerging markets and innovation or risk stagnating in an environment where domestic demand will remain subdued for years, industry leaders said.
Bellwether British retailer Marks & Spencer said it is hoping its older customer base will see it through the gathering storm of public sector cuts and tax rises as it beat forecasts for second-quarter sales.
Burton, Argos, Arcadia Group, M&S; entrepreneur and retail veteran Stuart Rose now adds Bridgepoint to his company career list. He is appointed onto the European Advisory Committee.
British retailer Marks & Spencer comfortably saw off protests at its annual shareholder meeting over the 15-million-pound ($22.8 million) pay package awarded to new chief executive Marc Bolland.
Retailer Marks & Spencer is set to report a third consecutive rise in underlying quarterly sales, though the rate of improvement may have slowed a little, highlighting the fragility of the consumer recovery.
Sainsbury, Britain's third-biggest grocer, announced a board reshuffle that underscores its growth ambitions and could secure a successor to CEO Justin King, in the latest round of management changes in the sector.
Europe's retailers are seeing only tentative sign of economic recovery and are worried that steps to rein in government borrowing could hit consumer spending in the months ahead.
Marc Bolland, set to take over as chief executive of Marks & Spencer, may look to raise cash from shareholders to improve his chances of reviving the British retailer and justifying his huge pay package.
British retailer Marks & Spencer's chairman Sir Stuart Rose is to give up his executive duties and take a 25 percent pay cut in July with a view to stepping down by March 2011, the company announced.