Marks & Spencer cuts prices by an average of 24%

02/03/05 Marks & Spencer has cut prices in London and the regions by an average of 24%, according to research from a City investment bank.

Stuart Rose, head of M&S, said last year its prices were too high.

"We are bringing in ranges at new price points to compete against mid-market retailers like Next," said M&S.

Next is one of M&S's biggest competitors and the move may force it to lower prices.

Many analysts believe February is proving to be a difficult month for retailers and British Retail Consortium figures, due in a few weeks, are expected to reflect the tough trading environment.

Separately, investment bank Goldman Sachs produced reseach showing that a basket of 35 M&S goods is now 11% above the high-street average, compared with 43% higher last year.

http://news.bbc.co.uk/1/hi/business/4301875.stm