Food and fashion retailer Marks & Spencer (M&S) is rumoured to be opening up banks in a selection of its stores.
A source close to Retail Gazette said they are not surprised by the reports and indicated that a lot of work has already been put into creating this format in stores so realistic timeframes can be set when the service is officially announced.
“I think most people within the industry expect M&S Money to do this as it has such a need to get physical staff within stores to represent and create the face of M&S Money, as a large percentage of M&S Retail customers have the M&S Credit Card,” our source, who wished to remain anonymous, explained.
They added that M&S Money already provides a full array of financial services such as insurance cover and individual savings accounts, so opening banks in stores seems like a natural progression for the retailer.
The comments come after someone with knowledge of the matter told the Bloomberg news wire that the company is considering establishing financial institutions inside around 55 UK outlets as part of its relationship with HSBC Holdings.
When contacted today, M&S declined to comment on what it described as “speculation”.