Monday 2 January 2017

Marks & Spencer ‘To Increase Prices By Up To 15%’

Marks & Spencer

Marks & Spencer is set to increase prices of up to 15% on some grocery items – despite bosses promising to protect shoppers for a devalued pound.

The store’s chief executive Steve Rowe made the commitment in the wake of the Brexit vote.

It was a move that is said to have angered suppliers, who have since threatened to pull products from the shelves and dubbed his promise “rubbish”.

And it is now understood that Marks & Spencer have backed down in the row, with one supplier saying the supermarket will increase shelf prices on items including nuts, tea, coffee and chocolate.

The unnamed supplier told The Times that the supermarket put itself in a “ridiculously hopeless situation” by making the promise.

Since the EU referendum in June, the pound is down 17.4% against the dollar.

It is also 11.1% down against the euro. Steve Rowe, CEO of Marks and Spencer, poses for a photograph at the company head office in London

Marks & Spencer said it stood by Rowe’s promise not to raise prices and added: “We never comment on commercial discussions with suppliers.

“We remain committed to competitive prices and offering our customers great value.”



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