Tuesday, September 13, 2016

Most Successful British Companies Founded by Immigrants: Marks & Spencer

Marks & Spencer 

Marks & Spencer, the UK’s fifth-largest retailer, was founded by Michael Marks, who immigrated into England around 1882. He was a young Polish Jew, who was struggling to make the ends meet, didn’t speak English, and had no trade experience. 

Marks was a businessman at heart, and his entrepreneurial journey started when he used his savings to invest in a permanent market stall in Leeds’ open market, which quickly grew into a successful small business. Subsequently, Marks expanded into neighbouring markets, differentiating himself from others by displaying the product prices clearly. 

In the pursuit of business expansion, Marks met Tom Spencer along the way, who became his partner. Marks & Spencer became a limited company in 1903. While Spencer soon retired, Marks continued to grow the company until his death in 1907. 

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