CASE STUDY  案例研究

In 2010, Marks and Spencer plc was the largest clothing retailer.in the UK, it had 885 stores in 40 territories, 600 in the UK and boasted that one in three British women were wearing one of their Marks & Spencer bras. But still the analysts worried about the sustainability of the giant of UK retailing’s recovery. In 2010 the new CEO took over and was faced with issues associated with reassessing the competitive strategy and the continuing challenges of strategic change.
2010 年，马莎百货公司（Marks and Spencer plc）是英国最大的服装零售商，它在 40 个地区拥有 885 家门店，其中 600 家在英国，并吹嘘每三名英国女性中就有一人穿着马莎百货的胸罩。但分析师们仍然担心这个英国零售业巨头能否持续复苏。2010 年，新任首席执行官上任，面临的问题是重新评估竞争战略和持续的战略变革挑战。

In 2009, late into their 125th year of trading, the board of Marks and Spencer plc ended their search for a new CEO. The search had attracted a significant amount of media interest with many high profile names being suggested as potential external candidates as well as attention focused on at least two senior internal directors as the ultimate successor to Sir Stuart Rose: the man who turned around Marks and Spencer plc from near failure in the 1990s.
2009 年，在马莎百货公司成立 125 周年之际，董事会结束了新任首席执行官的物色工作。这次物色引起了媒体的极大兴趣，许多知名人士都被推荐为外部候选人，至少两名内部高级董事也成为斯图尔特-罗斯爵士的最终接班人。

The board chose 50-year-old Dutchman Marc Bolland, previously the CEO of UK supermarket chain Morrisons. His appointment, announced on 18 November 2009, was greeted with a positive response from the media and shareholders alike.
董事会选择了现年 50 岁的荷兰人马克-博兰德（Marc Bolland），他曾担任英国连锁超市莫里森（Morrisons）的首席执行官。他的任命于 2009 年 11 月 18 日宣布，得到了媒体和股东的积极响应。

Bolland, the successor to Sir Stuart, had ahead of him a significant challenge, to secure the future of the UK’s largest retailer and the most famous name in the shopping malls. Marks and Spencer plc had long been the leading retailer in the UK, the organisation to which all commentators and analysts turn to when reporting whether the high street is having a good or bad season of sales and an organisation that was historically known and loved by the British people. But at the end of 2009 and early into 2010 commentators remained restless, investors nervous and there were several question marks about the future of this firm that needed to be resolved.
斯图尔特爵士的继任者博兰德面临着一项重大挑战，那就是确保英国最大的零售商和最著名的购物中心的未来。长期以来，玛莎百货一直是英国领先的零售商，所有评论员和分析师在报道高街销售旺季或淡季时都会参考这家公司，而且这家公司历来为英国人民所熟知和喜爱。但在 2009 年底和 2010 年初，评论家们仍然坐立不安，投资者们也很紧张，这家公司的未来还有几个问号亟待解决。

In 2009, despite delivering reasonable results through the 2008/09 recession period and in the previous year having topped the $\pounds 1$$\pounds 1$£1£ 1 billion ${}^1$${}^1$^(1){ }^{1} marker in pre-tax profits for the first time in a decade, Marks and Spencer plc still
2009 年，尽管马莎百货公司在 2008/09 年经济衰退期间取得了合理的业绩，并在上一年实现了十年来首次税前利润突破十亿 $\pounds 1$$\pounds 1$£1£ 1 ${}^1$${}^1$^(1){ }^{1} 大关，但该公司仍然

Source: Getty Images. 资料来源：Getty Images：资料来源：盖蒂图片社。
retained something of the wounded giant about it. The company’s reputation had suffered great injury when, in 1998. it was the first British retailer to make profits of $\pounds 1$$\pounds 1$£1£ 1 billion and yet within the year it was issuing profit warnings. This was a catastrophic and self-inflicted crash from its premier position. The company limped through a period of turbulent change punctuated by aggressive takeover bids but then, with Sir Stuart’s appointment as CEO in 2004, finally saw its results regain health and return to the £1 billion profit level.
在它身上还保留着一些受伤巨人的影子。1998 年，该公司成为英国第一家利润达到 $\pounds 1$$\pounds 1$£1£ 1 十亿的零售商，但不到一年就发布了利润警告，公司声誉受到严重损害。这是一次灾难性的自作自受，使它从首屈一指的地位上跌落下来。公司经历了一段动荡的变革时期，其间不时出现咄咄逼人的收购要约，但随着斯图尔特爵士于 2004 年被任命为首席执行官，公司业绩终于恢复了健康，利润回到了 10 亿英镑的水平。

In July 2009, Sir Stuart Rose, the man who saved Marks and Spencer plc, announced his intention to stand down as CEO in 2010. This triggered speculation and debate as to just what he had done as CEO; what he had done well, in what he had failed and what legacy be was leaving his
2009 年 7 月，拯救了马莎百货公司的斯图尔特-罗斯爵士宣布，他打算在 2010 年卸任首席执行官一职。这引发了人们对他作为首席执行官所做工作的猜测和争论；他在哪些方面做得好，在哪些方面做得不好，以及他将给自己留下什么遗产。

successor Marc Bolland. Where next for Marks and Spencer plc?
继任者马克-博兰德玛莎百货的下一步是什么？

Michael Marks began his penny market stalls in the late 1880s and soon partnered with Tom Spencer, a cashier of Marks’ supplier. From this beginning Marks and Spencer ple grew steadily. Simon Marks took over the running of Marks and Spencer plc from his father, turning the penny bazaars into stores, establishing a simple pricing policy and introducing the ‘St Michael’ logo as a sign of quality. There was a feeling of camaraderie and a close-knit family atmosphere within the stores, with staff employed whom the managers believed would ‘fit in’ and become part of the family. Staff were also treated better and paid more than in other companies. The family nature of this firm dominated top management as well: until the late 1970s, the board was made up of family members only.
迈克尔-马克斯于 19 世纪 80 年代末开始在便士市场摆摊，并很快与马克斯供应商的出纳汤姆-斯宾塞合作。从此，马莎百货公司稳步发展。西蒙-马克斯从父亲手中接过马莎百货公司的经营权，将便士集市改造成商店，制定了简单的定价政策，并引入 "圣迈克尔 "标志作为质量标志。店内洋溢着友爱之情和亲密无间的家庭氛围，经理们相信员工们会 "融入 "店内，成为这个大家庭的一员。与其他公司相比，员工的待遇和工资也更高。这家公司的家族性质也主导了高层管理：直到 20 世纪 70 年代末，董事会都只由家族成员组成。

Simon Marks was renowned for his personal, top-down and autocratic management style as well as his infamous attention to detail. This manifested itself in the way Marks dealt with suppliers. He always used the same UK-based suppliers and meticulously ensured that goods were exactly to specification; a relationship designed to build reliance on Marks and Spencer ple within the supplier grouping and ensure high and consistent quality for the customer.
西蒙-马克斯以其个人化、自上而下、独断专行的管理风格以及对细节的关注而闻名。这体现在马克斯与供应商打交道的方式上。他总是使用同一家英国供应商，一丝不苟地确保货物完全符合规格要求；这种关系旨在建立供应商对马莎百货的依赖，确保为客户提供始终如一的高质量产品。

Marks and Spencer plc was hugely successful in terms of its delivery of this high quality and highly reliable brand to its customers, this in turn earning outstanding reward in terms of profit and market share. So historically, Marks and Spencer plc was run using a tried, tested and trusted recipe; a way of doing business. This was embedded in a set of fundamental principles, namely to:
马莎百货公司在向顾客提供高品质和高度可靠的品牌方面取得了巨大成功，进而在利润和市场份额方面赢得了丰厚回报。因此，从历史上看，马莎百货公司是以一种久经考验、久经考验和值得信赖的经营方式来经营的。这种经营方式包含在一套基本原则中，即：
1 Offer customers high-quality, well designed and attractive merchandise at reasonable prices under the brand name ‘St Michael’
1 以 "圣迈克尔 "为品牌，向顾客提供质量高、设计精美、价格合理的商品
2 Encourage suppliers to use the most modern and efficient production techniques
2 鼓励供应商使用最先进、最高效的生产技术
3. Work with suppliers to ensure the highest standards of quality control
3.与供应商合作，确保最高标准的质量控制
4 Provide friendly, helpful service and greater shopping comfort and convenience to customers
4 为顾客提供友好、有益的服务和更舒适便利的购物环境
5 Improve the efficiency of the business, by simplifying operating procedures
5 通过简化操作程序提高业务效率
6 Foster good human relations with customers, suppliers and staff and in the communities in which M&S trade.
6 与客户、供应商、员工以及 M&S 所在社区建立良好的人际关系。

Confident and comfortable at the top of the tree, Marks and Spencer plc was able to luxuriate in doing business in the way it chose. The company opted to have specialist buyers operating from a central buying office from which goods were allocated to the stores. The store managers followed
马莎百货公司（Marks and Spencer plc）自信而自在地屹立于世界之巅，可以按照自己选择的方式开展业务。公司选择由专业采购员在中央采购办公室进行采购，并将货物分配到各商店。商店经理遵循
central direction on merchandising, layout, store design and training. Every Marks and Spencer plc store was identical in the procedures it followed. This led to (and continuously re-created) a consistency of image and guarantee of Marks and Spencer plc standards. However, it also meant store managers were severely restricted in how they could respond to the local needs of customers and that the gaze of store managers was toward head office and not to the stores next door to them in the high street. Marks and Spencer plc seemed to operate in a world of its own.
在商品陈列、布局、店铺设计和培训方面提供中央指导。每家马莎百货公司的商店都遵循相同的程序。这导致（并不断重新创造）了形象的一致性，保证了马莎百货公司的标准。然而，这也意味着门店经理在如何满足当地顾客需求方面受到严重限制，而且门店经理的目光只盯着总部，而不是隔壁的门店。马莎百货公司似乎是在自己的世界里运作。

Successive chief executives were renowned for their attention to detail in terms of supplier control, merchandise and store layout; and it seemed to work. Another recipe that Marks and Spencer plc seemed to follow was for CEOs to have considerable power by their being appointed as both Chair and CEO. This was the case for Sir Richard Greenbury, Chair and CEO from 1988 to 1999, who was famous for having strong opinions and being committed to the recipe of the past:
历任首席执行官都以注重供应商控制、商品和店铺布局方面的细节而闻名，而且似乎也很奏效。马莎百货公司似乎遵循的另一个秘诀是，首席执行官被任命为董事长兼首席执行官，从而拥有相当大的权力。理查德-格林伯里爵士（Sir Richard Greenbury）从 1988 年到 1999 年一直担任董事长兼首席执行官，他以观点鲜明和坚持过去的做法而闻名：

We followed absolutely and totally the principles of the business with which I was imbued… I ran the business with the aid of my colleagues based upon the very long standing, and proven ways of running it.’
我们完全彻底地遵循了我所接受的经营原则......我在同事们的帮助下，按照长期以来行之有效的经营方式管理企业。
But perhaps most damagingly, given the power he held, he appeared to be allergic to bad news. On one occasion Greenbury had decided that to control costs there would be fewer full-time sales assistants. Although this led to an inability in stores to meet the service levels required by Marks and Spencer plc, when Greenbury visited, all available employees were brought in so that it appeared the stores were giving levels of service that, at other times, they were not. It also meant there was little disagreement with directives from the top, so policies and decisions remained unchallenged even when executives or store managers were concerned about negative effects. Customer satisfaction surveys that showed decreasing satisfaction throughout the late 1990 s were kept from Greenbury by senior executives who felt he might be annoyed by the results.
但最糟糕的是，由于他手握大权，他似乎对坏消息过敏。有一次，格林伯里决定为了控制成本，减少全职销售助理的人数。虽然这导致商店无法达到马莎百货公司所要求的服务水平，但当格林伯里来访时，所有可用的员工都被调来了，这样看起来商店的服务水平在其他时候并不高。这也意味着对高层的指令几乎没有异议，因此，即使高管或商店经理担心会产生负面影响，政策和决定也不会受到质疑。20 世纪 90 年代末，顾客满意度调查显示满意度不断下降，但高管们认为格林伯里可能会对调查结果感到恼火，因此没有告诉他。

But during Greenbury’s tenure, Marks and Spencer plc held more than twice the market share of any other retailer and so, during the long years of growth, there were few changes to its methods of operation or strategies. Its reputation for good quality clothing was built on basics, the essentials which every customer needed and would outlast the current fashion and trends seen in other high street retailers. All assistants carried tape measures to assure a good fit and, as products remained in the store year round, exchanges and refunds were not problematic. As such, as late as the 1990s Marks and Spencer plc had no fitting rooms, took no credit cards, rarely held sales and ignored the loyalty card schemes sweeping British retailing. Until the late 1990s, its customers worked around these
但在格林伯里的任期内，马莎百货公司的市场份额是其他零售商的两倍多，因此，在漫长的发展岁月中，其经营方法或战略几乎没有任何变化。马莎百货的优质服装声誉建立在基本款基础上，这些基本款是每位顾客都需要的，而且能够超越其他高街零售商的当前时尚和潮流。所有店员都带着卷尺，以确保衣服合身，而且由于产品全年都在店里，换货和退款也不成问题。因此，直到 20 世纪 90 年代，马莎百货公司还没有试衣间，不接受信用卡，很少举办促销活动，也不理会风靡英国零售业的会员卡计划。直到 20 世纪 90 年代末，马莎百货公司的顾客还在使用这些服务。
inconveniences and helped the firm to its record breaking year of trading in 1997-98 when its pre-tax profit topped the $\pounds 1$$\pounds 1$£1£ 1 billion mark. A financial result it took Marks and Spencer plc 10 long years and three CEOs to repeat.
1997-1998年，马莎百货公司的税前利润突破了 $\pounds 1$$\pounds 1$£1£ 1 十亿大关。马莎百货公司历经 10 年之久，换了三任首席执行官，才再次创造了这一辉煌业绩。

The Marks and Spencer plc recipe catastrophically failed in 1998; share prices plummeted and this serious jolt led to many years of turbulence that Sir Stuart Rose later referred to as lost years. Marks and Spencer plc was forced to wake up to its contemporary marketplace on several fronts at once. First, its allegiance to British suppliers simply became too costly and Marks and Spencer plc was slow to follow its rivals’ lead into sourcing cheaper goods from low-cost countries. Second, its customers had been departing to competitors and in Marks & Spencer womenswear it found itself squeezed by Next, Oasis and Gap from the upper end and George at Asda and Matalan from the lower end. Third, Marks and Spencer plc’s home-bred bureaucracy and strongly embedded way of doing business meant that change, however badly needed, would come slowly. Marks and Spencer ple had lost touch with the marketplace and the results showed it, with a 23 per cent decline in profit in the first half of 1998 that snowballed to an over 50 per cent reduction by the year end and a starting tumble of more than 80 per cent in 1998-2001.
1998 年，马莎百货公司的配方发生了灾难性的失败；股价暴跌，这一严重打击导致了多年的动荡，斯图尔特-罗斯爵士后来将其称为 "失去的岁月"。马莎百货公司被迫同时从几个方面清醒地认识到当代市场。首先，忠于英国供应商的成本太高，马莎百货公司迟迟没有跟上竞争对手的步伐，从低成本国家采购更便宜的商品。其次，客户纷纷转向竞争对手，在马莎女装方面，它发现自己在高端市场受到 Next、Oasis 和 Gap 的挤压，在低端市场受到 George at Asda 和 Matalan 的挤压。第三，马莎百货公司土生土长的官僚作风和根深蒂固的经营方式意味着，无论多么迫切需要变革，变革都会来得很慢。1998 年上半年利润下降了 23%，到年底又下降了 50%以上，1998-2001 年间利润下降了 80%以上。

The highly visible results failure led to an equally visible boardroom battle to replace Sir Richard Greenbury who left his post in 1999. In the end, Peter Salsbury, whom the media labelled Greenbury’s preferred internal candidate, beat Keith Oates (Greenbury’s own deputy) to the post. He did not last long. His track record inside Marks and Spencer plc had been relatively narrow, having only worked in the poorly performing womenswear division. Compounding this, he inherited a horrendous trading position at Christmas 1999 where badly planned refurbishments disrupted the already poor trading position and the £192 million purchase of 19 Littlewoods stores drained profits (both of which contributed to a profits warning early in his tenure in January 1999).
备受瞩目的业绩失败引发了一场同样引人注目的接替理查德-格林伯里爵士的董事会争夺战，格林伯里爵士于 1999 年离职。最终，被媒体称为格林伯里首选内部候选人的彼得-萨尔斯伯里击败基思-奥茨（格林伯里的副手），获得了这一职位。他的任期并不长。他在玛莎百货公司的履历相对狭窄，只在业绩不佳的女装部工作过。更糟糕的是，1999 年圣诞节期间，他接手的是一个糟糕的贸易状况，计划不周的翻修工作扰乱了本已糟糕的贸易状况，1.92 亿英镑收购 19 家 Littlewoods 商店也耗尽了利润（这两件事导致他在 1999 年 1 月上任之初就发布了利润预警）。

In 2000, the incoming Chairman, Luc Vandevelde, ensured Salsbury left the board of Marks and Spencer plc along with an unprecedented seven other directors. Vandevelde holding the position of Chairman took the unusual step to appoint himself as both CEO and Chair during a period when his board was under significant restructuring. He held both positions until 2004 and during that time executed what he described as the turnaround of Marks and Spencer plc. He appointed a new head of UK Retail, Roger Holmes (aged 40), whom he eventually promoted to CEO in 2003. As head of UK retailing, though, he immediately sought to segment the Marks
2000 年，继任主席吕克-范德维尔德确保萨尔斯伯里与其他七位董事一起离开马莎百货董事会，这是史无前例的。在董事会进行重大重组期间，担任董事长的范德维尔德采取了不同寻常的措施，任命自己兼任首席执行官和董事长。他一直担任这两个职位直到 2004 年，在此期间，他完成了他所描述的马莎百货公司的扭亏为盈。他任命了英国零售业的新主管罗杰-霍姆斯（Roger Holmes，40 岁），并最终于 2003 年将其提升为首席执行官。作为英国零售业的负责人，他立即寻求对马莎百货公司进行细分。
and Spencer ple customers using the store within a store concept. Perhaps the most widely witnessed and most successful innovation at this time was the Per Una joint venture that brought designer George Davies into the Marks and Spencer plc fold. Davies already had mega brands to his name in UK retailing (Next and George at Asda), Per Una was to be his third. One month after the launch of Per Una, Marks and Spencer plc reported its first sales increase for three years, a trend that continued beyond the 2008 results and even survived Davies’ departure in 2004.
马莎百货恳求顾客使用店中店概念。在这一时期，最广为人知、最成功的创新或许要数与设计师乔治-戴维斯（George Davies）合资成立的 Per Una 公司。戴维斯在英国零售业已拥有多个大型品牌（Next 和 Asda 的 George），Per Una 是他的第三个品牌。Per Una 推出一个月后，马莎百货公司的销售额出现了三年来的首次增长，这一趋势一直延续到 2008 年的财报之后，甚至在戴维斯于 2004 年离开后也没有改变。

The Vandevelde era of 2000-2004 made important changes to the Marks & Spencer offering but also left the company open to a prolonged aggressive takeover attempt from Philip Green of the Arcadia group - more of which later. Vandevelde and Holmes together launched the Simply Food concept and began the opening of the standalone Marks & Spencer food stores in 2003. In addition they announced the intention to open ‘Simply’ food convenience stores in collaboration with BP service stations. They also introduced a loyalty card scheme that was combined with a credit card called ‘&More’ where customers could earn Marks & Spencer vouchers to spend in store. Positive results continued through 2002 and 2003 as did Marks and Spencer plc’s ability to attract more retail talent into its directorship. It was also at this time that Vandevelde promoted a serious commitment to Corporate Social Responsibility (CSR), leading the company to its first CSR review reporting its activity.
2000-2004 年范德维尔德时代对马莎百货的产品进行了重要改革，但也使公司面临着阿卡迪亚集团的菲利普-格林（Philip Green）长期的积极收购尝试，详情稍后详述。2003 年，范德维尔德和霍姆斯共同推出了 "简单食品"（Simply Food）概念，并开始开设独立的玛莎百货食品店。此外，他们还宣布打算与 BP 加油站合作开设 "Simply "食品便利店。他们还推出了一项会员卡计划，该计划与名为"&More "的信用卡相结合，顾客可以通过该计划赚取马莎购物券，在店内消费。2002 年和 2003 年，马莎百货公司继续取得积极成果，吸引了更多的零售人才担任董事。也正是在这一时期，范德维尔德推动了对企业社会责任（CSR）的认真承诺，领导公司进行了首次企业社会责任审查，报告了公司的各项活动。

However, commentators began to turn against the Vandevelde/Holmes duo as they perceived the turnaround of Marks and Spencer plc to be slowing down. The end of year results in 2004 reported a failure to deliver market share gains, a slowdown in the sales in clothing and food and an over-reliance on Per Una with a rejection of other elements of the Marks & Spencer womenswear offering. Holmes made a series of admissions highlighting an inability to capture the influential 30-55-year-old womenswear market beyond Per Una and a mirrored degree of poor results and insufficient innovation in the Marks & Spencer Food ranges. Holmes, seen as the weak point by City investors, came under pressure.
然而，评论家们开始对范德维尔德/霍姆斯二人持反对意见，因为他们认为马莎百货公司的转变正在放缓。2004 年的年终业绩报告显示，马莎百货未能扩大市场份额，服装和食品的销售放缓，而且过分依赖 Per Una 品牌，马莎百货女装的其他元素遭到排斥。霍尔姆斯做出了一系列承认，强调除了 Per Una 外，公司无法抓住 30-55 岁有影响力的女装市场，马莎百货的食品系列也同样业绩不佳，创新不足。被曼城投资者视为软肋的霍姆斯受到了压力。

In May 2004 Philip Green launched his $\pounds 7$$\pounds 7$£7£ 7 billion takeover bid. The Marks and Spencer plc board (in particular Lord Paul Myners) reacted quickly. Vandevelde, Homes, five executive directors and two non-executive directors were removed in the bid to win shareholder confidence. The deal that fought off Green also saw the commitment to buy the Per Una business from George Davies (catapulting him into the UK’s mega rich list with a $\pounds 125$$\pounds 125$£125£ 125 million deal), the sale of the financial services business to HSBC Bank Plc for $\pounds 762$$\pounds 762$£762£ 762 million (but keeping 50 per cent of profits until 2014), the closure of the Lifestyle Stores opened by Holmes
2004 年 5 月，菲利普-格林发起了价值 10 亿美元的收购要约。马莎百货公司董事会（特别是保罗-梅纳勋爵）迅速做出反应。为了赢得股东的信任，范德维尔德、霍姆斯、五名执行董事和两名非执行董事被免职。在击退格林的交易中，玛莎还承诺从乔治-戴维斯（George Davies）手中收购 Per Una 的业务（以 $\pounds 125$$\pounds 125$£125£ 125 百万美元的价格将其推上英国巨富榜），以 $\pounds 762$$\pounds 762$£762£ 762 百万美元的价格将金融服务业务出售给汇丰银行（HSBC Bank Plc）（但在 2014 年之前保留 50% 的利润），关闭霍姆斯开设的生活方式商店。
and, perhaps most importantly, the appointment of Stuart Rose as CEO. ${}^1$${}^1$^(1){ }^{1}
也许最重要的是，斯图尔特-罗斯被任命为首席执行官。 ${}^1$${}^1$^(1){ }^{1}

Rose fought off Green’s repeated takeover attempts throughout the summer of 2004 starting at $\pounds 7$$\pounds 7$£7£ 7 billion moving up to $\pounds 9.1$$\pounds 9.1$£9.1£ 9.1 billion. A key turning point was the Rose commitment to deliver a 450 p future share price to rival the 400 p Green had offered and the leading Marks and Spencer pic investor (Brandes who owned 7.07 per cent of stock) had accepted. He presented an 11-point strategic review and, in late December 2005, it delivered: the shares hit a six-year high at 504p.
整个 2004 年夏天，Rose 抵挡住了 Green 屡次的收购尝试，收购价格从 $\pounds 7$$\pounds 7$£7£ 7 亿美元上升到 $\pounds 9.1$$\pounds 9.1$£9.1£ 9.1 亿美元。一个关键的转折点是罗斯承诺将未来股价提高到 450 便士，与格林提出的 400 便士相抗衡，而马莎百货的主要投资者（Brandes，持有 7.07% 的股份）也接受了这一承诺。他提出了 11 点战略回顾，并在 2005 年 12 月底兑现了承诺：股价创下六年来的新高，达到 504 便士。

Lord Myners announced his interim period of Chairmanship would end in June 2006 and in this way he assured shareholders that due space would be awarded to the new team of Rose and incumbent Chairman Lord Burns to lead Marks and Spencer plc forward and away from the turbulence of 2004.
麦纳思勋爵宣布他的临时主席任期将于 2006 年 6 月结束，并以此向股东保证，将给予罗斯和现任主席伯恩斯勋爵的新团队适当的空间，以领导马莎百货公司继续前进，摆脱 2004 年的动荡局面。

The appointment of Stuart Rose was seen as inspired and a real coup for the Marks and Spencer plc board. Rose, who had sold the Arcadia group to Philip Green and netted $\pounds 25$$\pounds 25$£25£ 25 million for himself in the process, was seen as a positive appointment by investors. His past experiences at Burtons Menswear, Evans & Principles (womenswear), Argos, Booker Cash and Carry and Arcadia characterised him as an experienced shopkeeper who could revitalise fatigued retailers and had a record of delivering shareholder value.
斯图尔特-罗斯（Stuart Rose）的任命被认为是马莎百货董事会的灵感之源和真正的政变。罗斯曾将 Arcadia 集团出售给菲利普-格林（Philip Green），并在此过程中为自己净赚 $\pounds 25$$\pounds 25$£25£ 25 百万美元，因此被投资者视为一项积极的任命。他过去在 Burtons Menswear、Evans & Principles（女装）、Argos、Booker Cash and Carry 和 Arcadia 的工作经历使他成为一名经验丰富的店主，能够重振疲惫的零售商，并有为股东创造价值的记录。

During the period when the Rose/Myners team fought off the Philip Green takeover bid, Rose was careful to project his understanding of the need for major change to city investors:
在罗斯/迈纳斯团队抵御菲利普-格林收购要约期间，罗斯小心翼翼地向城市投资者表达了他对重大变革必要性的理解：

We live in a tough, commercial world . . . The business definitely suffered a little from the A-word, arrogance, in the mid to late-90s. It looked out the window and found the world had passed it by. ${}^{\text{li}}$${}^{\text{li }}$^("li "){ }^{\text {li }}
我们生活在一个艰难的商业世界里......。在 90 年代中后期，"傲慢"（A-word, arrogance）这个词肯定会给企业带来一些影响。它向窗外望去，发现世界已经与它擦肩而过。 ${}^{\text{li}}$${}^{\text{li }}$^("li "){ }^{\text {li }}
However, he simultaneously followed a strategy of underpromising and overdelivering in terms of expectation setting. Specifically he repeatedly informed investors and commentators that he did not expect to see results from his 11-point strategic plan until well after spring 2005 when the first of his initiatives would be hitting the stores. He made a particular issue of delaying his use of the ’ $R$$R$RR word’: recovery. Although tempted into it as results began to improve, he refused to express confidence and continued to project humility and his appreciation of the task ahead. Investors said they would give him until December 2005 for recovery.
不过，在设定期望值方面，他同时也采取了承诺不足、兑现过度的策略。具体地说，他多次向投资者和评论员表示，他预计在 2005 年春季之后才能看到他的 11 点战略计划的成果，届时他的第一批计划将进入商店。他特别推迟使用" $R$$R$RR 复苏 "一词。尽管随着业绩开始好转，他受到了诱惑，但他拒绝表达信心，而是继续表现出谦逊和对未来任务的重视。投资者说，他们会给他 2005 年 12 月之前的恢复时间。

His 11-point strategic plan to achieve turnaround revolved around five core values designed to win back Marks and Spencer plc’s core customers: quality, value, service, innovation and trust.
他为实现扭亏为盈制定了 11 点战略计划，围绕五大核心价值展开，旨在赢回马莎百货公司的核心客户：质量、价值、服务、创新和信任。

Popular with employees, Rose’s initiatives very soon earned the very telling internal commentary the the grown-ups are back in charge’. "ii So for some of the employees at least, the old Marks and Spencer plc was back.
罗斯的举措受到了员工的欢迎，很快就赢得了 "大人重新掌权 "的内部评论。"ii因此，至少对部分员工来说，以前的马莎百货公司又回来了。

By the end of 2004, Rose had hired Kate Bostock to run the crucial womenswear area of the business and immediately signalled the weight of this by appointing her to the main board of directors, one of the few female executive directors to sit on the board of a FTSE 100 company.
2004 年底，罗斯聘请凯特-博斯托克（Kate Bostock）负责女装业务，并立即任命她进入主董事会，成为富时 100 指数公司董事会中为数不多的女性执行董事之一，这表明了罗斯对女装业务的重视。

Trading through the early part of 2005 remained difficult for Marks and Spencer plc. The new ranges were described as drab, unappealing and confusing in comparison to the vibrant Per Una range. Gradually, as Rose and Bostock’s changes started to take effect and staff had been taken through a $\pounds 10$$\pounds 10$£10£ 10 million training initiative to create a ‘can-do’ attitude, results began to change. Twiggy and supermodel Erin O’Connor were the first of many stars to be used by Marks and Spencer plc’s new Executive Director of Marketing (Steven Sharp) to promote the crucial new collection of womenswear. In October 2005 they reported the first sales increase since 2003. The share price rose above the 400 p barrier and the clothing ranges were heralded as practical and stylish. Rapid turn-around of new clothing lines in particular was helping to attract customers into the stores for repeat visits.
2005 年初，马莎百货公司的经营仍然困难重重。与充满活力的 Per Una 系列相比，新的产品系列被描述为单调、缺乏吸引力和令人困惑。渐渐地，随着罗斯和博斯托克的改革开始见效，员工们也接受了一项耗资 $\pounds 10$$\pounds 10$£10£ 10 百万的培训计划，以树立起 "能做 "的态度，业绩开始发生变化。Twiggy 和超级名模艾琳-奥康纳（Erin O'Connor）是玛莎百货公司新任营销执行总监史蒂文-夏普（Steven Sharp）为推广至关重要的新女装系列而启用的众多明星中的第一位。2005 年 10 月，马莎百货公布了自 2003 年以来的首次销售增长。股价突破 400 点大关，服装系列被誉为实用而时尚。新服装系列的快速周转尤其有助于吸引顾客再次光顾商店。

Moving into 2005 with its first growth in clothing for more than two years under its belt, Marks and Spencer plc continued to perform well and in February 2006 commentators declared the position a full recovery. Marks and Spencer ple was back to the position of outperforming a
进入 2005 年，马莎百货公司的服装业在两年多的时间里首次实现增长，业绩继续保持良好，2006 年 2 月，评论家们宣布公司业绩全面复苏。2006 年 2 月，评论家宣布公司业绩全面复苏。
falling market, had over 15 million customers per week and was rated as one of the best performers in the FTSE. In April 2006 Marks and Spencer plc got the news it had been waiting for, its recovery had hit the sales at Next: back to beating its rivals. The newly refurbished stores, the advertising campaigns and fast-moving clothing stock had all contributed to Rose delivering six months ahead of target. In spite of this, he remained wary of the R word:
在市场不断下滑的情况下，Next 每周拥有超过 1,500 万名顾客，被评为富时指数（FTSE）中表现最好的公司之一。2006 年 4 月，马莎百货公司（Marks and Spencer plc）得到了它期待已久的消息：Next 的销售额已经恢复到了击败对手的水平。新翻修的店铺、广告宣传和快速流动的服装库存，都让罗斯提前六个月实现了目标。尽管如此，他仍然对 "R "这个词保持警惕：

We are pleased with the progress . . . but there remains much to do . . I like to over-deliver and under-promise and recovery is a big word. Ask me in January 2007 and I’ll probably be happy to use the R-word if we’re still making progress . . . It’s like going into a garden that’s not been tended for five years… you’ve got to do all the weeding, aerate the soil, re-landscape, plant, and it’s not until you sit down a couple of years later you think ‘Oh, its looking quite good!’ And that’s what we’re doing, we’re gardening. ${}^{\text{iv}}$${}^{\text{iv }}$^("iv "){ }^{\text {iv }}
我们对取得的进展感到高兴......但仍有许多工作要做。我喜欢 "超额完成任务 "和 "不做承诺"，而 "恢复 "是个大词。到 2007 年 1 月再问我，如果我们仍在取得进展，我可能会很乐意用 "R "这个词..........这就像走进一个五年未打理的花园......你必须除掉所有的杂草、给土壤通气、重新造景、栽种植物，直到几年后你坐下来，你才会觉得'哦，它看起来相当不错！'。这就是我们在做的，我们在种花。 ${}^{\text{iv}}$${}^{\text{iv }}$^("iv "){ }^{\text {iv }}
In mid-2006 Lord Myners stepped down as planned and made way for the appointment of Lord Burns as the new Chair for the Marks and Spencer plc board. Elsewhere, innovation continued throughout 2006 across several fronts. First, Steven Sharp continued to see high impact results with his TV adverts. In Marks & Spencer food he continued to use popular Irish actress Dervla Kirwan’s sultry voiceover to let customers know that this was not just food, it was Marks & Spencer food. In clothing he used the concept of a Hollywood Christmas starring amongst others Hollywood A-lister Antonio Banderas and the iconic Bond theme tune singer Shirley Bassey to deliver a feature length advert to promote the evening collection. Second, following the launch of the ‘Look Behind the Label’ campaign in 2006 to promote a fair-trade agenda, Marks and Spencer plc consolidated its corporate social responsibility position with its ‘Plan A’ initiative (January 2007) to work toward the environmental sustainability of the business. The five-year plan, with a considerable budgetary commitment, ranged from supply chain auditing, carbon neutrality, 25 per cent reduction in packaging and the promotion of healthy living. Thirdly, the process of store modernisation continued during this period; for instance, by Christmas 200635 per cent of stores were modernised. All of this showing in terms of increases in market share in clothing from 10.4 per cent to 11.1 per cent and in food from 4.1 per cent to an all-time high of 4.3 per cent and an overall increase in sales of over 9 per cent.
2006 年年中，梅纳斯勋爵按计划卸任，伯恩斯勋爵被任命为马莎百货董事会新主席。在其他方面，2006 年继续在几个方面进行创新。首先，史蒂文-夏普（Steven Sharp）的电视广告继续取得巨大成功。在马莎百货的食品广告中，他继续使用爱尔兰当红女演员 Dervla Kirwan 的性感配音，让顾客知道这不仅仅是食品，而是马莎百货的食品。在服装方面，他使用了好莱坞圣诞节的概念，由好莱坞巨星安东尼奥-班德拉斯（Antonio Banderas）和标志性的邦德主题曲歌手雪莉-巴斯（Shirley Bassey）等人主演，推出了一个长篇广告，宣传晚装系列。其次，继 2006 年发起 "Look Behind the Label "活动以促进公平贸易之后，马莎百货公司又通过 "A 计划"（2007 年 1 月）巩固了其企业社会责任地位，努力实现企业在环境方面的可持续发展。该五年计划投入了大量预算，内容包括供应链审计、碳中和、减少 25% 的包装以及倡导健康生活。第三，在此期间，店铺现代化进程仍在继续；例如，到 2006 年圣诞节，35% 的店铺实现了现代化。所有这些都表明，服装的市场份额从 10.4%上升到 11.1%，食品的市场份额从 4.1%上升到 4.3%的历史新高，总体销售额增长超过 9%。

In March 2007, the new Marks and Spencer plc website (M&S Direct) was launched. Working alongside the hugely successful internet retailer Amazon, the aim was to fully utilise all sales avenues. In Marks and Spencer plc stores, footfall was up to 21 million visitors per week and the changes that Rose and his executive team had designed
2007 年 3 月，马莎百货公司推出了新网站（M&S Direct）。该网站与大获成功的互联网零售商亚马逊（Amazon）合作，旨在充分利用所有销售渠道。在马莎百货公司的商店里，每周的访问量高达 2100 万人次，罗斯和他的管理团队所设计的变革包括
were delivering the hopedfor results. The Marks & Spencer brand, now firmly consolidated under the Your M&S logo, seemed to be back as a statement of quality and value for the British consumer. Throughout 2007 smaller innovations along the theme of ‘Plan A’ continued to be fed into the business. A ‘wash at 30 degrees’ campaign was introduced on all clothing, fat levels were reduced in over 500 products and in April 2007 Marks and Spencer plc became the first UK retailer to offer schoolwear made from recycled materials. Both profit and sales continued to show steady ( 5 per cent + ) growth.
取得了预期的成果。现在，马莎百货的品牌在 "Your M&S "标识的巩固下，似乎又回到了英国消费者心目中的品质和价值的代言人。在整个 2007 年，以 "A 计划 "为主题的小型创新活动不断涌现。所有服装都推出了 "30 度水洗 "活动，500 多种产品的脂肪含量有所降低，2007 年 4 月，马莎百货公司成为英国第一家提供用回收材料制成的学生装的零售商。利润和销售额继续保持稳定增长（5%+）。

Innovations along the CSR theme continued into 2008, famously introducing a 5 p charge for carrier bags as well as the removal of all artificial colouring from all food and drink and the opening of two eco-factories in Sri Lanka to produce Autograph and Per Una lingerie.
进入 2008 年，公司继续在企业社会责任方面进行创新，其中最著名的是对手提袋收取 5 便士的费用，从所有食品和饮料中去除所有人工色素，并在斯里兰卡开设了两家生态工厂，生产 Autograph 和 Per Una 内衣。

However, by far the biggest change in 2008 was the return to an old familiar formula when, in April, Stuart Rose decided that he was to take on the joint role of CEO and Chair of the board of directors. This move, controversial as it was in breach of the advice of the combined code for corporate governance followed voluntarily by most FTSE 100 companies, was immediately unpopular with investors. The belief was that Rose now held too much power and that this combined role had been highly dangerous for Marks and Spencer plc in the past and could be so again.
然而，到目前为止，2008 年最大的变化还是回到了我们熟悉的老模式，即斯图尔特-罗斯在 4 月份决定由他兼任首席执行官和董事会主席。这一举动引起了争议，因为它违反了大多数富时 100 指数公司自愿遵守的公司治理联合准则的建议，立即遭到了投资者的反对。投资者认为，罗斯现在掌握了太多的权力，而且这种兼任职务的做法过去曾给马莎百货公司带来极大的危险，现在也可能再次出现这种情况。

However, the overall results for 2008 matched the economic climate: poor. In July Marks and Spencer plc issued a profit warning. In the third quarter, the UK’s swift slide into recession had had a significant impact on sales and by September Marks and Spencer plc saw its worst quarterly sales since 2005 with a 6 per cent fall in like-for-like sales. with food falling marginally less than clothing and homeware. Rose announced a curtailment of capital expenditure, seeing not only his famed refurbishment programme grind to a halt but a scaling back of investment across the board: this being in direct contradiction to his promise less than a year earlier. These measures were all designed to ensure the board would not have to recommend a cut in dividend. But by 2009 that is precisely what happened and investors saw a 20.9 per cent cut in dividend.
然而，2008 年的总体业绩与经济环境相匹配：不佳。7 月，玛莎百货公司发布盈利警告。第三季度，英国经济迅速陷入衰退，对销售产生了重大影响，到 9 月份，马莎百货公司的销售额创下了 2005 年以来最差的季度业绩，同类销售额下降了 6%，其中食品的降幅略低于服装和家居用品。罗斯宣布削减资本支出，不仅停止了他著名的翻新计划，还全面缩减了投资：这与他不到一年前的承诺直接矛盾。这些措施都是为了确保董事会不必建议削减股息。但到 2009 年，情况恰恰相反，投资者看到股息减少了 20.9%。

After the first quarter of 2009 , the drop in sales had started to slow down and proved to be less severe than the group had expected. Analysts had predicted a 5.5 per cent fall in Marks & Spencer food but they were able to report a 3.7 per cent fall. This news prompted mid-year growth in the share price. September saw a positive boost for Marks & Spencer food when figures showed it to be the most improyed food retailer in the UK in terms of customer loyalty over the past decade. Sitting second only to Asda in the 2009 data, Marks and Spencer plc had overtaken Waitrose, its direct premium rival. Inspection of the figures
2009 年第一季度之后，销售额下降的速度开始放缓，而且事实证明比集团预期的要轻。分析师曾预测玛莎百货的食品销售额将下降 5.5%，但他们的报告却显示下降了 3.7%。这一消息促使股价在年中出现增长。9 月份的数据显示，马莎百货是英国过去十年来顾客忠诚度最高的食品零售商，这对马莎百货的食品业务起到了积极的推动作用。在 2009 年的数据中，马莎百货公司仅次于阿斯达（Asda），超过了其直接竞争对手怀特罗斯（Waitrose）。查看数据
revealed that Marks and Spencer plc overtook Tesco and Sainbury’s as far back as 2002 in the Vandevelde era, leading some critics to question the extent of Rose’s own impact on Marks & Spencer food. By the end of 2009 and over the Christmas trading period the share price performed well and stayed above the 400 p level only to tumble back down to 329 p by late February 2010.
据透露，早在 2002 年范德维尔德时代，马莎百货公司的股价就超过了乐购和森伯里百货公司，导致一些评论家质疑罗斯本人对马莎食品的影响程度。2009 年底和圣诞节期间，马莎百货的股价表现良好，一直保持在 400 便士以上的水平，但到 2010 年 2 月底又跌回 329 便士。

2009 was generally a difficult year for relations between the Marks and Spencer ple board and its investors. In the first half of the year, Rose and his Marketing Director (Stephen Sharp) were both forced to give up a $\pounds 1$$\pounds 1$£1£ 1 million package of bonus in shares in order to appease shareholders. The non-executive director (Louise Patten) who had signed off on the bonuses came under fire at the AGM with a motion to block her reappointment. Rose had already been forced to sell his stake in the business of another of his non-executives (Martha Lane-Fox), with this level of involvement being considered inappropriate. But the primary issue that occupied investors was Rose’s position as joint Chair and CEO. He survived a much publicised shareholder revolt at the July AGM but the size of the vote (over 40 per cent voting against Rose’s reappointment as Chair) was seen as a clear signal of the need for investors to be reassured about the future.
2009 年是玛莎百货董事会与投资者关系普遍不融洽的一年。上半年，罗斯和他的市场总监斯蒂芬-夏普（Stephen Sharp）为了安抚股东，都被迫放弃了 $\pounds 1$$\pounds 1$£1£ 1 百万美元的股份红利。在股东大会上，签字同意发放奖金的非执行董事（路易丝-帕滕）受到了抨击，有人提议阻止她连任。罗斯已经被迫出售了他的另一位非执行董事（玛莎-莱恩-福克斯）在企业中的股份，这种程度的参与被认为是不恰当的。但投资者关注的首要问题是罗斯作为联席董事长兼首席执行官的地位。在 7 月举行的股东大会上，他躲过了一场大肆宣传的股东叛乱，但投票的规模（超过 40% 的股东投票反对罗斯连任主席）被认为是一个明确的信号，表明投资者需要对未来感到放心。

Finally, in July 2009, Rose ended one line of uncertainty and began another by announcing his intention to stand down as CEO in 2010 but not as Chair until 2011. In the period between July and November 2009 speculation was rife with regard to the succession which was THE primary topic of debate around Marks and Spencer plc.
最后，在 2009 年 7 月，罗斯宣布他打算在 2010 年卸任首席执行官，但在 2011 年之前不会再担任主席，从而结束了一个不确定性，并开始了另一个不确定性。在 2009 年 7 月至 11 月期间，关于接班人的猜测甚嚣尘上，这也是马莎百货公司争论的主要话题。

Could it be an internal? Maybe John Dixon - head of E-Commerce - who had been invited to sit on the main board of Marks and Spencer plc or one of his nearest rivals, Kate Bostock (womenswear) or Ian Dyson (Finance Director). Various names were being dropped into media articles throughout the autumn of 2009 as potential external candidates for the CEO role, with most CEOs of successful UK retailers being mentioned: Sainsbury’s, Asda, HMV, Mothercare, WH Smith. The suggestion was that although Marks and Spencer plc would prefer an internal candidate, industry observers strongly favoured an external appointment largely a response to Stuart Rose’s plan to stay on as Chair until the summer of 2011: So in many ways Marc Bolland’s appointment both as an external appointment and a retailer with a track record suited the market. Bolland had, during his tenure at Morrisons, put an extra half million customers into the store and almost doubled net profits.
会是内部人员吗？也许是电子商务主管约翰-迪克森（John Dixon），他已被邀请进入马莎百货公司的主董事会，或者是他最接近的竞争对手凯特-博斯托克（Kate Bostock）（女装部）或伊恩-戴森（Ian Dyson）（财务总监）。2009 年秋天，媒体报道中出现了各种可能担任首席执行官的外部候选人，其中提到的大多是英国成功零售商的首席执行官：他们提到的大多数都是英国成功零售商的首席执行官：Sainsbury's、Asda、HMV、Mothercare 和 WH Smith。有人认为，尽管玛莎百货更倾向于内部候选人，但行业观察家们强烈倾向于外部任命，这主要是对斯图尔特-罗斯计划留任董事长至 2011 年夏天的回应：因此，从很多方面来看，马克-博兰的任命既是外部任命，也是一个有业绩记录的零售商，符合市场需求。博兰德在莫里森任职期间，为商店增加了 50 万顾客，净利润几乎翻了一番。

Irrespective of the Bolland appointment, Rose and the Marks and Spencer plc board looked set to remain the same for the medium term. Although he and the board stated that Rose had not ruled out leaving before his planned date of July 2011 , investors speculated that there was a risk of egotism keeping him in post longer and therefore creating
无论博兰德的任命如何，罗斯和马莎百货董事会在中期内都不会发生变化。尽管罗斯和董事会表示，罗斯不排除在 2011 年 7 月原定日期之前离职的可能性，但投资者猜测，罗斯有可能因利己主义而继续留任更长时间，并因此产生以下后果
an almost impossible leadership task for Marc Bolland, the incoming CEO, from May 2010.
对于 2010 年 5 月上任的首席执行官马克-博兰德（Marc Bolland）来说，这几乎是一项不可能完成的领导任务。

In spite of its success, with its shares outperforming the UK general retail index by 19 per cent in 2009, Marks and Spencer plc (in particular Rose) continued to attract negative publicity almost exclusively linked to Rose’s succession. The summer’s shareholder rebellion rumbled on with commentators hinting at trouble ahead for a new CEO with the powerful and confident Rose remaining in the role of Chair.
尽管马莎百货公司（尤其是罗斯）取得了巨大成功，2009 年其股价表现比英国综合零售指数高出 19%，但其负面报道几乎都与罗斯的继任有关。今年夏天的股东叛乱持续发酵，评论家们暗示，在强大而自信的罗斯继续担任主席一职的情况下，新任首席执行官将面临麻烦。

Even with Bolland’s new role as incoming CEO confirmed, debate continued as to the legacy that Rose’s successor would face. The arch critic of Sir Stuart, Tony Shiret of Credit Suisse, continued to argue that Marks and Spencer plc is not the completely changed and transformed offering that it projected itself to be. Throughout 2009 he repeatedly commented in the press that Marks and Spencer plc was still failing to be a hit with the mid-age range demographic and that two-thirds of its customers were still 55 years + and that not much has changed. In a scathing 104-page research note he argued that, except for cost savings, Marks and Spencer pic had made little financial progress since Rose took over in 2004. He called for change to be more far-reaching. His primary point being Marks and Spencer plc could not sustain a position where it is not attracting 30-year-old women into its stores and that Rose, whilst tidying up Marks and Spencer plc, has not changed it radically enough to avoid the same old debates circling around for the next four or five years.
即使博兰德作为继任首席执行官的新角色已经确定，关于罗斯的继任者将面临的遗产问题的争论仍在继续。斯图亚特爵士的头号批评家、瑞士信贷的托尼-希雷特（Tony Shiret）继续认为，马莎百货公司并没有像它自己所预测的那样彻底改变和转型。在整个 2009 年，他多次在媒体上发表评论，认为玛莎百货公司仍然没有受到中年人口的欢迎，三分之二的顾客仍然是 55 岁以上的人，并没有发生太大的变化。他在一份长达 104 页的严厉研究报告中指出，自 2004 年罗斯接手马莎百货以来，除了节约成本外，该公司在财务方面几乎没有取得任何进展。他呼吁进行更深远的变革。他的主要观点是，马莎百货公司无法维持不吸引 30 岁女性进店购物的局面，而且罗斯虽然对马莎百货公司进行了整顿，但并没有对其进行足够彻底的改革，以避免在未来四五年内出现老调重弹的争论。

In an interesting turn of events that perhaps gave a nod of prescience to Shiret, a dangerous challenge in the 30-year demographic was launched in October 2009 by old Marks & Spencer saviour George Davies (the designer of the Per Una collection) who launched his new range of stores (GIVe) in 25 towns across the UK. The GIVe stores presented M&S with new and direct competition and were widely tipped to deliver to Davies the fourth mega brand of his career (Next, George at Asda, Per Una and GrVe). Early results in 2010 indicated he had hit the right notes for the $30+$$30+$30+30+ market yet again. But he too made less than complimentary comments about the culture at Marks and Spencer plc: 'The biggest challenge for anybody coming into M&S is to free it from its constipated culture.'v Davies claimed that Rose had had some impact but not gone far enough, saying that he had been sprinkling laxative around during his six years but Bolland still had the primary issue to resolve.
2009 年 10 月，老牌玛莎百货公司的救世主乔治-戴维斯（George Davies，Per Una 系列的设计师）在全英国 25 个城镇推出了他的新系列商店（GIVe），在 30 年人口中发起了一场危险的挑战。GIVe 商店为 M&S 带来了新的直接竞争，人们普遍认为它将为戴维斯带来其职业生涯中的第四个大型品牌（Next、George at Asda、Per Una 和 GrVe）。2010 年的早期业绩表明，他又一次在 $30+$$30+$30+30+ 市场找到了正确的方向。但他对马莎百货公司的文化也发表了不太满意的评论："对于任何进入马莎百货公司的人来说，最大的挑战就是将它从便秘的文化中解放出来。

Considering Shiret’s concern about Marks and Spencer plc’s reliance on the $55+$$55+$55+55+ demographic it was not surprising to see Marks and Spencer plc end 2009 by choosing a team.
考虑到 Shiret 对马莎百货公司依赖 $55+$$55+$55+55+ 人口的担忧，马莎百货公司在 2009 年底选择一个团队也就不足为奇了。
(Joanna Lumley, Stephen Fry and John Sergeant) with a combined age of 180 years to head up its Christmas advertising campaign for 2009. It remained to be seen who had it right, Shiret or Marks and Spencer plc, and what kind of a board the new CEO would inherit: Rose or no Rose, that was the question.
(2009 年的圣诞广告活动。究竟是希雷特还是玛莎百货，以及新任首席执行官将继承一个怎样的董事会，我们拭目以待：是玫瑰还是没有玫瑰，这是一个问题。

Not long before Bolland took up his post as CEO on 1 May 2010, the shareholders expressed their frustration with the Marks and Spencer plc board yet again. The board, without shareholder consultation, had agreed to Bolland’s negotiation of an impressive golden-hello deal which at $\pounds 7.5$$\pounds 7.5$£7.5£ 7.5 million in cash as well as shares was described by commentators as excessive and a bad start for Bolland’s tenure at Marks and Spencer plc. ${}^{\text{Vi}}$${}^{\text{Vi }}$^("Vi "){ }^{\text {Vi }} Sir Stuart stood by his man, not only arguing that this was the right price for the
就在 Bolland 于 2010 年 5 月 1 日就任首席执行官不久前，股东们再次表达了对玛莎百货董事会的不满。董事会在没有征求股东意见的情况下，同意博兰德谈成一笔令人印象深刻的金奖交易，这笔交易以现金和股票的形式支付了 $\pounds 7.5$$\pounds 7.5$£7.5£ 7.5 百万美元，评论家认为这笔交易过高，是博兰德在玛莎百货任职期间的一个糟糕开端。 ${}^{\text{Vi}}$${}^{\text{Vi }}$^("Vi "){ }^{\text {Vi }} 斯图尔特爵士站在他的立场上，不仅认为这个价格对于马莎百货公司来说是正确的，而且还认为马莎百货公司是一个有前途的公司。
right man but also ‘He will have absolute control over the business from the day he starts’. vii It is hard not to raise an eyebrow and wonder just how tough Bolland will need to be through his period at the helm of the UK’s most famous retailer.
vii 这不禁让人瞠目结舌，不禁要问 Bolland 在执掌英国最著名的零售商期间需要有多强硬。

References: 参考资料
’ Radio 4, August 2000.
第四电台，2000 年 8 月。
"I rish Times, 19 June 2004.
"《爱尔兰时报》，2004 年 6 月 19 日。
iii J. Bevan The Rise and Fall of Marks & Spencer . . . and how it Rose again. Profile Books, 2007.
iii J. Bevan 马莎百货公司的兴衰.. 以及如何再次崛起》。Profile Books，2007 年。
iv Financial Times, 12 April 2006.
iv 《金融时报》，2006 年 4 月 12 日。

APPENDIX 2 Marks and Spencer plc share price §, September 2005-March 2010
附录 2 2005 年 9 月至 2010 年 3 月期间玛莎百货公司股价变化情况

Source: www.marksandspencer.com.
资料来源：：www.marksandspencer.com。