LONDON: UK retailer Marks and Spencer on Wednesday announced a deal with online supermarket Ocado to deliver M&S food direct to homes, as customers increasingly move to Internet shopping.
M&S, which already sells its clothing online and is shutting stores, is buying 50 per cent of Ocado's UK retail business for up to £750 million , the two companies said in statements to the London Stock Exchange.M&S branded food products will be sold online by September 2020 following the termination of Ocado's current such deal with supermarket group Waitrose.
"I have always believed that M&S food could and should be online," said Marks and Spencer chief executive Steve Rowe. "Combining the strength of our food offer with leading online and delivery capability is a compelling proposition to drive long-term growth."AdvertisementIt added:"The grocery retail sector is undergoing significant and rapid change as customer expectations evolve and as spending shifts online."Source: AFP/hs