mark('s and spencers)-up on english origin goods

deepriver

probably loads of threads about this but I was astonished at the blatant rip off by Marks and Spencers

got this for xmas from my lovely, generous and totally innocent mother...!

http://www.marksandspencer.com/gp/product/B001GBBDL2/ref=pd_sbs_6/280-5140023-3404167?ie=UTF8&mnSBrand=core

marked £135 sterling on the site and retailing in ireland for €209, todays exchange rate would price it at €141.52, thats a price difference of €67.5 and a mark-up of 48% on the UK price

un-fricking believable.. gonna back to the shop asap with that, even though its a nice bag...

deepriver

instead of kicking the duty manager in the balls untill I was satisfied, I sent an email to their website, which they will probably ignore or subscribe me into their mailing list, but I am a big believer in taking action on these things...


Hello,

I recieved a lovelty collezione leather bag for christmas, bought from your store on Grafton Street in Ireland and priced €209. Having checked your website I see its priced £135 sterling at todays exchange rate, that would be €141 total. So in Ireland we are expected to pay a mark-up of 48%. Although a big fan of Marks and Spencers products, this is a blatant and indefensible rip-off, which I will be returning to the store immediately, even though its a lovely product. Good luck in the Irish market with these rip-off prices.

eth0_

If you are really serious about making a complaint, email is NOT the way to do it.

deepriver

eth0_ wrote: »

If you are really serious about making a complaint, email is NOT the way to do it.

its not a compliant so much as I am trying to help them, if everyone thought the same as me, they would have no customers and go bust in Ireland and then I cant buy their products, lose lose situation, but if they take on board consumer feedback such as my email, incorporate it and then move on, we get the products, they still make a mark up and its win win, I just am'nt going to take the time to right to them formally, its not in my interest, I can do with out the bag, they however need my money

consultech

deepriver wrote: »

its not a compliant so much as I am trying to help them, if everyone thought the same as me, they would have no customers and go bust in Ireland and then I cant buy their products, lose lose situation, but if they take on board consumer feedback such as my email, incorporate it and then move on, we get the products, they still make a mark up and its win win, I just am'nt going to take the time to right to them formally, its not in my interest, I can do with out the bag, they however need my money

Although I'm sure they really value the "help" on their pricing strategies, it may shock you to discover you are not the first person to take, raise, or continue to have issue with their (and every other UK-based chain's) blatently extortionate dual £:€ currency pricing.

It has happened because your average retarded Irish consumer will only take their issue as far as muttering how ridiculous it is to themselves, but continue to cough up week after week.

Bluetonic

Oh dear, perhaps you'd be better off putting the bag over your head until you understand that it is not the exchange rate alone that determines the price of the same product in different countries or even regions.

the groutch

I'd love to see the OP start a franchise of a UK store and try selling at actual exchange rate

rubadub

deepriver wrote: »

I will be returning to the store immediately, even though its a lovely product.

You do know they do not have to take it back right? they might well do, but legally do not have to.

You will probably only be able to exchange it anyway. So what are you going to do, scour through all their products and pick one with a reasonable "exchange rate", whether you think it is worth it or not?

Your "innocent" mother bought the bag for €209, if they did actually give you cash back are you going to buy a similar one for the same price? of course only in a shop without dual pricing. i.e. I presume she thought it was worth the price, and I presume other stores in free competition are charging around the same for a similar product.

calex71

they're all at OP talk a look in Dunnes and you'll see the staff have done a rather sloppy job of removing the £ prices from all of the clothing.

consultech

... it's a pretty sad reflection that they only have to do it now, now that people are becoming more spending-conscious. They've been openly ripping Irish consumers on their price tags for years, but the celtic tiger babies had no problem inviting this practice with their cavalier wallet-opening.

calex71

consultech wrote: »

... cavalier wallet-opening.

well said

buckrodgers

The government did a study to see how much more the british retailers should be charging us. They worked out that it it should be 5% not the 40% they are taking at the moment!

Corruptedmorals

calex71 wrote: »

they're all at OP talk a look in Dunnes and you'll see the staff have done a rather sloppy job of removing the £ prices from all of the clothing.

Hmm, new clothes come in with no sterling printed, generally. Some items come in with the wrong price printed on the tag, either ridiculously low or high, in which case both the euro and the sterling (if it has one) are ripped off the price is altered to what it's supposed to be with a pricing gun..it's now always makring the price up, it's usually marking it down.

IsThatSo?

deepriver wrote: »

its not a compliant so much as I am trying to help them, if everyone thought the same as me, they would have no customers and go bust in Ireland and then I cant buy their products, lose lose situation, but if they take on board consumer feedback such as my email, incorporate it and then move on, we get the products, they still make a mark up and its win win, I just am'nt going to take the time to right to them formally, its not in my interest, I can do with out the bag, they however need my money

Its a business, and this is called corporate greed. As long as people pay the prices they will charge them.

darc

buckrodgers wrote: »

The government did a study to see how much more the british retailers should be charging us. They worked out that it it should be 5% not the 40% they are taking at the moment!

That's about correct, but you simply cannot put the interbank exchange rate of the day against a purchase and expect to receive it.

About 4 weeks ago the exchange rate was 1.30. Add in the additional 5% costs of operating & add in the additional VAT and you're up over 1.40.

Next spring you SHOULD see an exchange of 1.2 - 1.25 on most UK sourced goods.

Current forward exchange rates are about 1.08 - 1.09. VAT difference = 6.5%, additional costs = 6%. Fair pricing = approx. 1.25 - but I know of some who will announce € for £ pricing soon.

Bluetonic

darc wrote: »

About 4 weeks ago the exchange rate was 1.30.

We've not seen 1.30 since mid march.

consultech

Bluetonic wrote: »

We've not seen 1.30 since mid march.

Was thinkin that myself, I got €1.17 on November 28th.

deepriver

consultech wrote: »

Although I'm sure they really value the "help" on their pricing strategies, it may shock you to discover you are not the first person to take, raise, or continue to have issue with their (and every other UK-based chain's) blatently extortionate dual £:€ currency pricing.

It has happened because your average retarded Irish consumer will only take their issue as far as muttering how ridiculous it is to themselves, but continue to cough up week after week.

read my post again, it opens with the line and I quote "probably loads of threads about this "... I think you are closer to the 'average retard' than you think mate

deepriver

IsThatSo? wrote: »

Its a business, and this is called corporate greed. As long as people pay the prices they will charge them.

thats exactly it

parity on the euro & pound now, you put the stock on a lorry in the UK and send it here and then put a sticker on it... WTF is all the chat about strategy? Retailing is that simple

anyhow, an associate of mine did a study and found M&S have a 6 month to market lead time and hence are getting roasted by the likes of Zara & H&M on designs, these retailers also manage to have a single price policy across the entire EU market

the gouch, bluetonic et al... you havent a clue

deepriver

darc wrote: »

That's about correct, but you simply cannot put the interbank exchange rate of the day against a purchase and expect to receive it.

About 4 weeks ago the exchange rate was 1.30. Add in the additional 5% costs of operating & add in the additional VAT and you're up over 1.40.

Next spring you SHOULD see an exchange of 1.2 - 1.25 on most UK sourced goods.

Current forward exchange rates are about 1.08 - 1.09. VAT difference = 6.5%, additional costs = 6%. Fair pricing = approx. 1.25 - but I know of some who will announce € for £ pricing soon.

hang on... Ireland is more a less an extension of the UK and EU market.. what additional operating margin are you talking about?? The only difference is the goods have to go on a ferry to get here, VAT has a 2.5 % diff, how does that equate to 40% mark up? Wages are cheaper here, that should offset the VAT difference... way off on your calcualtions

Freddie Cork

deepriver wrote: »

VAT has a 2.5 % diff

The current VAT rate in the UK is 15% - ours is currently 21.5%.

Guy:Incognito

deepriver wrote: »

Wages are cheaper here, that should offset the VAT difference... way off on your calcualtions

Where are you getting that from?

Wages are much higher here. The min wage alone is 40% higher here than the UK. Rents are higher too.

jdivision

the groutch wrote: »

I'd love to see the OP start a franchise of a UK store and try selling at actual exchange rate

M&S here is not a franchise. It's owned by M&S directly.

cast_iron

deepriver wrote: »

hang on... Ireland is more a less an extension of the UK and EU market.. what additional operating margin are you talking about?? The only difference is the goods have to go on a ferry to get here, VAT has a 2.5 % diff, how does that equate to 40% mark up? Wages are cheaper here, that should offset the VAT difference... way off on your calcualtions

I was going to go through your post and point out the inaccuracies, but thought of an easier way: EVERYTHING.

rn

It doesn't just seam to be Marks and Spenser. I was in Liffey Valley (which may as well be any street or shopping centre in the UK) on Saturday and most of the sales product in shops like Next, Topman, Burton etc seamed to be sold out or nearly sold out, so I was browsing new stock while waiting for the girlfriend. All the tags had duel pricing and the exchange rate was exactly £1:€1.50. I couldn't believe 1. the difference, esp since sterling has been weakening for couple of months now and 2. that they were still listing the £/€ prices on the same tag. Needless to say I didn't splash out on any new rags!