The chairman of Marks & Spencer believes that the coronvirus pandemic will result in lasting changes to shopping habits and that it has forced the high street retailer to squeeze “three years into one” in preparation.
“We may have lost a year financially, but it will not be a lost year for the business. We will come out of the other side a changed business. It is like we have done three years in one,” Archie Norman said.
Mr Norman, 66, said that the retailer had devised a £1 billion action plan to ensure that it had plenty of financial headroom to weather Covid-19, which included tackling its mountain of stock and slashing spending. However, he admitted that there had been some “anxious” days early