From penny bazaar to behemoth

Marks & Spencer was founded in 1884 as a ‘penny bazaar’ at Kirkgate market in Leeds by Michael Marks, a migrant from Poland.

A sign on the first stall read: ‘Don’t ask the price, it’s a penny’, and best sellers included pegs and buttons.

Mr Marks formed a partnership with Tom Spencer, a cashier with a wholesale company, in 1894.

The first official Marks & Spencer store opened in Leeds in 1904.

M&S bought the London Penny Bazaar Company in 1914. It was so successful it didn’t feel the need to advertise until the mid-1990s.

One of the original M&S penny bazaars, in Grainger Market, Newcastle, is still trading.

Today, M&S has 352 general stores and 570 Simply Food outlets. There are 455 outlets overseas.

The company made a profit of £487million last year.