Marks and Spencer Group PLC, a historic British company founded in 1884 as a market stall in Leeds, is experiencing a resurgence under the leadership of Chairman Archie Norman and CEO Stuart Machin as of 2025. The company’s share price has reached 343p, marking a 345% increase over the last five years. This financial gain corresponds to a rise in group revenue to £13 billion ($16 billion), up from £10.1 billion ($12.6 billion) in 2020.
Historically, Marks and Spencer (M&S) faced numerous challenges that tested corporate leadership, including that of former chairman Lord Stuart Rose. When Steve Rowe took over as CEO in 2016, he identified several structural and operational problems, including excessive bureaucracy, a complex corporate organization, and unclear lines of accountability. By 2018, Rowe had highlighted deficiencies in digital capabilities, fashion quality and value, food performance, supply chain efficiency, and the suitability of store facilities.
In 2018, Archie Norman also commented on the dire state of the company, describing it as being on a “burning platform.” Although Rowe set the groundwork for a turnaround, substantial progress was made when Machin assumed the CEO role in 2022. Under Machin’s leadership, the company focuses on developing a high-performance culture, modernizing the supply chain, advancing through data and technology, and reinforcing the balance sheet—all while accelerating the store rotation program.
Machin articulated to Fortune that fostering a culture closely aligned with customers and employees is crucial to their transformation, indicating the need to consistently elevate talent standards. He emphasized the strategy of preserving the brand’s heritage while modernizing operations and expediting changes.
Illustrative of this cultural shift, People Director Sarah Findlater undertook a three-month stint managing an M&S store to gain firsthand insight into store-level challenges. Findlater noted that the hands-on experience enabled a better understanding of perspectives and informed initiatives to enhance the work and shopping environment at M&S. She underscored culture as a pivotal component in the company’s continued transformation.
The M&S Closer to Customer program exemplifies this cultural evolution by mandating that employees from the Store Support Centre engage with store operations regularly. As of 2025, all new team members at the Centre begin their roles with practical store experience.
Machin added that the former defensive culture had shifted dramatically, where feedback is welcomed constructively to improve processes. He aims to cultivate an environment where honest feedback is encouraged without fear of blame, inspiring continuous improvement.
The turnaround strategy is showing tangible results. Projections for share price over the next twelve months suggest a high of 475.00 and a median of 447.50. Retail analyst Nick Bubb has recognized M&S as a 2024 success story, attributing the company’s strong position to its investment in food halls, expanded weekly shop food range, and strengthened multi-channel clothing sales.
In reflection, Findlater shared that her direct store experience and insights have informed strategic directions at the Support Centre, reinforcing the drive towards a culture that prioritizes customer and employee proximity to identify challenges and pursue opportunities effectively.
