Green bids to exact revenge on M and S
Dorothy Perkins-to-Burton billionaire Philip Green is to expand his retail empire in a battle for customers with rival Marks & Spencer.
Mr Green reportedly told staff of his Arcadia group last week that he plans to open 58 new stores this year and is negotiating a further 500,000 sq ft of new shop space.
He has identified a further 60 potential new locations for his 280-store Topshop chain and is proposing to open 50 concessions of Arcadia brands, mainly in Debenhams, during the next two years.
Mr Green also intends to revamp his Bhs chain as part of a bid to exact his revenge on M&S after failing to buy the retailer this year, the Sunday Telegraph reported.
A major marketing campaign for Bhs will include TV commercials for the first time in a decade and the design of the stores is being reviewed.
Mr Green told the Financial Mail on Sunday that he felt “a lot of very important people” at M&S had treated him and his bid team “contemptibly”.
“I could have got that business really humming in three to five years,” he said.
“That’s not going to happen now. It was our decision not to buy it. If we had wanted to overpay, we could have got it.”
Although bad weather has hit high street sales, Mr Green said he is quietly confident about trading during the forthcoming Christmas season.
“I said we are going to trade our socks off and that’s what we’re going to do,” he said.
Earlier this week, Mr Green – who made a £6.4bn (€9.4bn) takeover approach to Sainsbury’s last summer – distanced himself from speculation that he may revive his interest, saying he had not made another approach.
