Over the last three years we have started to change value perceptions of M&S thanks to the investment we have made in price – particularly in Food. Stuart: We know value has been the single most important factor for customers when deciding where to shop. It was clear that Christmas was a particular pinch point, so we gave a £250 giftcard to store and junior colleagues to provide just a little extra help towards their celebrations. With input from our colleague listening schemes and BIG – our colleague representative group – we introduced free sanitary products across all sites and stores and a free meal per shift for colleagues at our Distribution Centre in Castle Donington. We used awareness weeks to make sure colleagues knew about the help available to them – such as our free financial planning workshops and the Unmind mental wellbeing App. ![]() We also wanted to offer practical support to our colleagues. Katie: Alongside pay, we have protected front-line roles this year. When combined with pension and benefits, this gives M&S one of the strongest reward packages in retail. In February 2023, we announced a commitment to invest a further £57m in store colleague pay, meaning the hourly rate has increased 20% over the last two years. Throughout 2022/23 we invested over £46m in front-line colleague pay across two separate pay rises, including our first ever Autumn pay review. ![]() It was the top concern for our colleagues, and we wanted to do what we could to help ease some of that strain. ![]() Stuart: Whether you’ve been running a home or running a business, everyone across the country has felt the pressure of rising costs this year.
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