M&S Chairman: Online Grocery Is A “Desert Of Profit” [Forbes]
TESCO PLC S/ADR (TSCDY)
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Source: Forbes
Speaking at the earlier today, Norman explained that although retailers around the world feel compelled to move into e-commerce, “nobody is really making true profit from food online.” “There's been more wealth destroyed in people trying to develop food online businesses than any other industry I can think of.” M&S Chairman Archie Norman speaking at the Retail Technology Show in London, 2 April 2025 Natalie Berg He highlighted the quick commerce bubble, with players like Getir, Gorillas, and GoPuff emerging during the pandemic and quickly disappearing when funding dried up. Norman described M&S' joint venture with Ocado, which launched in 2019, as a “rollercoaster” but acknowledged the business is growing at 13% annually and around one-third of products sold on Ocado's platform today are M&S brands. PROMOTED “What do my shareholders think? They don't think there's a lot of value in it. Like probably zip. What do I think? I think it's going to be worth a lot of money.”
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