Marks & Spencers plans to extend its exclusive Per Una range to the high street via free-standing stores. This is good news for M&S and potentially great news for the consumer - but key to the success of the venture is how it is managed.
There are two barriers I believe M&S must overcome to unlock the potential. One barrier to clothing sales in M&S is the store's image. The once great brand has aged with its consumers and now appears staid to the young and not so young alike. To be fair, M&S has improved the look and feel of its stores to some extent, but this has not increased the appeal to younger consumers.
It does not project the snappy throwaway fashion of the likes of Top Shop and New Look and, because of that, does not really draw in the 18- to 35-year olds. Neither, however, does it project the designer panache of the catwalks that appeal to the 30- and 40-somethings.
Per Una creates just the image that appeals to this latter group - introducing the range to the high street will be putting designer fashion within reach of the consumer that wants it. This has to be good for M&S and should attract new customers. But it is vital that the new range is not buried behind racks of traditional merchandise in the stores.
The other key barrier to clothing success for M&S is a perceived caution in the execution of good ideas. If this applies to the proposed Per Una roll-out, then we will see just a few stores appear, with minimal marketing and little change to the merchandising. This would be a mistake. Per Una needs to appear boldly on the high street and take a definite position in the minds of the consumers from the outset. It will require significant marketing spend to position Per Una as the exclusive designer brand it should be.
It will also require a rethink of its display. The current, somewhat opaque stacks of merchandise are too old-fashioned to work in free-standing stores on the high street. A fresh look at presentation will encourage consumers into the store.
This might require a compromise on return per square foot, with a consequent impact on pricing and payback periods, but will be well worth it in the long run, in my view.
The verdict? Per Una on the high street is a great idea by M&S. Done right, it could be a key part of the long-awaited recovery.
