The Rest Is Money 236. What M&S can teach Starmer (Part 2)
Dec 22, 2025
Archie Norman, an experienced British businessman and chairman of Marks & Spencer, shares insights on revitalizing one of the UK’s retail icons. He discusses the balance between heritage and modern needs, highlighting the importance of innovation in food and clothing sales. Norman emphasizes AI's potential in retail and tackles challenges like rising crime with tech solutions. He passionately advocates for a culture that rewards hard work and preserves career opportunities in retail, urging Britain to learn from M&S's transformation.
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Long-Term Turnaround Mindset
- Archie Norman frames M&S's revival as a long-term survival project rather than short-term profit chasing.
- He emphasises decisions that may reduce near-term profits to build a growth business for the next 100 years.
Founders' Ethos Still Guides M&S
- Archie recalls M&S's founders and the Jewish diaspora culture that built close supplier ties and product focus.
- He says that heritage taught product quality, innovation, and deep supplier relationships still used today.
Replace Entitlement With Restless Humility
- Fracture entitlement: keep core values but remove corporate vanity and symbols that anchor you to the past.
- Build a culture of "positively dissatisfied" where people constantly seek improvement.