Speaking at its AGM this week, Marks & Spencer chairman Archie Norman pledged that the UK variety retailer’s “ambition is to double the size of our food business” through the GBP750 million deal with Ocado signed earlier this year.

The M&S food business is believed to generate around GBP6 billion in revenue each year and the company plans to focus on making the entirety of its offer more widely available, not just through eGrocery, but also by giving over more space in store to its grocery assortment.

Norman told shareholders M&S also expects to realise savings of around GBP10 million a year by gaining better supply terms via its joint venture with Ocado, with 8% reductions anticipated by the retailer.

Source: The Times