No Apocalypse for the retail industry, says M&S director
There is not "retailpocalypse" Justin King, a non-executive director at M&S and a former boss of Sainsbury's said.
King argues the industry is still profitable and that e-commerce was not the disruptor many expected it to be. “If you look at total retail market it is £360bn, about £60bn of that is online, and that is the thing we hear the story about, but that means £300bn is still in shops, and that is almost exactly the same it was ten years ago," King explained, as reported by Essential Retail.
King also commented on how the High Street in the UK is doing and said people are more focused on the empty shops and forget to look at new retail spaces that are being built.
King joined the M&S board in the beginning of 2019. He was the CEO of Sainsbury's for ten years.