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UK:“Move over” M&S – here comes ASDA |
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2004-8-24
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Britain’s largest retailer Marks and Spencer has been knocked off the first spot by supermarket giant Asda, owned by the world''s largest retail store Wal-Mart, industry figures reported Sunday.
George clothing range, Asda’s mascot notched almost one third to 9.4 percent market share in the three months to end-July compared with the same period a year earlier, noted market research group Taylor Nelson Sofres.
Marks and Spencer''s market share was static at 9.1 percent.
"This is a tremendous milestone for the George brand," said Asda''s chief operating officer, Andy Bond.
"With its unique combination of style, quality and value, we have earned our place at the top of the fashion premier league," he added in a statement.
Meanwhile, it was "No Comments" from Marks and Spencer, which held the top spot for decades, but the news is seen as a major blow for Marks'' chief executive Stuart Rose, under pressure to spark a revival in the fortunes of the ailing century-old British retailer, which sells also food and furniture products.
Investors last month backed Marks'' board of directors over their rejection of a £9.1-billion (R108.8-billion) takeover bid for the retailer by tycoon Philip Green.
Their support, together with Rose''s defence strategy, led Green to abandon his bid.
Rose''s defence strategy included plans to return £2.3 billion to shareholders, selling Marks'' financial services arm and a return to focusing on high quality, stylish clothing for the retailer''s core customers - women aged between 35 and 55.
Asda''s George clothing range scored an annual turnover of £1 billion and is sold in 240 of the supermarket''s 266 British stores, as well as overseas in Wal-Mart stores in Germany, South Korea, Japan, Mexico and the United States.
The George brand, which includes women''s wear, children''s clothing, skiwear and maternity items, also has five stand-alone outlets across Britain.
Two million pairs of George jeans, each priced at just four pounds, were sold last year. |
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