I can just imagine it now: “This is not just banking, this is M&S banking”. Earlier today, UK food and clothing retailer Marks & Spencer unveiled their plans to delve deeper into the retail banking sector. While this may seem like a bold venture, remember – M&S already offer a credit card, and so this is clearly a calculated move. Butter spread over too much bread? Perhaps.
- Over 50 branches to open in the next two years
- New current account will be available by autumn 2012
- Creation of 500 new UK jobs
- Supported by two of the UK’s most trusted high street bands
The company’s chief executive has stated:
This bank will be built on M&S values, putting the customer at the heart of the proposition and delivering the exceptional service that sets us apart from the competition.
– Marc Bolland, Chief Executive for M&S
Easier said than done; a recent survey by YouGov has revealed that only 53% of consumers are currently willing to trust any bank or building society. So despite M&S having support from HSBC, it will be interesting to see if this daring venture pays dividends.
That said, M&S have a clear market position as a high-quality retailer, though whether consumers consider this when they sign up is yet to be seen.
The first branch will open its doors next month, at Marks & Spencer’s flagship store in Marble Arch. For more information, click here.