There is even talk of a television advertising campaign, a prospect unheard of in M&S’s heyday when marketing of any kind was considered beneath it.And those are just the changes on the surface. Underneath, a sea change has taken place in which one foundation after another has been torn apart. The transformation of its buying policy has been a painful but inevitable process for the company’s long-standing and now-spurned suppliers. M&S, which now imports about 50 per cent of its textiles, is aiming to procure three-quarters this way by the end of this year.No longer the unpaid guarantors of British textile manufacturers, M&S has instead focused on what its customers actually want Its management is judged accordingly. The company has been reorganised into business units whose heads are directly accountable for their bottom line.That has meant ceding much of Baker Street’s power and allowing store managers a previously unheard-of say in what they stock. Several tiers of management have been eliminated to bring Baker Street into closer contact with the stores it commands.For the shopper, Mr Salsbury’s changes are starting to become apparent.

Different products – mobile phones, for example – are on offer Fresh concoctions are available in the food halls. Whole new departments, such as those catering for nursery and maternity, are on the way.On Thursday, M&S will go even further with the launch of Autograph, which will mark a complete departure from M&S’s past. For the first time, it has retained its own designers, including Katherine Hamnett, Betty Jackson and Julien Macdonald. Their designs will be sold in separate boutique-like sections in 13 M&S stores. The team working on Autograph will have unprecedented autonomy within the organisation to alter its range at short notice.The layout of stores has also changed, with smaller ones in particular grouping clothing according to colour and style rather than the traditional approach of setting out row upon row of trousers, socks etc. Greater autonomy for stores will mean that those in larger towns and cities will have the licence to offer a more avant-garde selection of clothes to suit their metropolitan customers.But the most dramatic change will come later this year when the work of Interbrand, Gersten & Meyers, the design consultancy, will be unveiled. A spokesman described the remit of Interbrand as “taking the traditional strengths of the M&S brand, refreshing them and expressing them in ways more relevant to today’s customers”.As the company responsible for BA’s controversial ethnic tailfins, Interbrand’s involvement is bound to arouse concern among traditionalists.

It is this challenge, to attract young shoppers without alienating the old, which lies at the heart of M&S’s dilemma. When its new spring range of tight tops and short skirts received a rapturous reception last month from the fashion press, older customers worried they had been forgotten.The question is whether M&S can regain its broad appeal across the ages when other retailers like Gap target a far smaller portion of the market.Mr Whinnett says: “One of the things coming out of research is that age is not an issue. It’s about attitude.”Thus the appeal of Ms Turner, a woman apparently oblivious to her advancing years. Incidentally, the song that launched her comeback was “Let’s stay together”.

It is a plea M&S’s wavering followers will hear frequently in the next few months.. rudent savers who have been putting their money into the stock market hoping to build up funds are likely to have focused on British and European shares in the past. rudent savers who have been putting their money into the stock market hoping to build up funds are likely to have focused on British and European shares in the past.
This is partly because of natural caution and partly because the rules of personal equity plans – the tax-efficient investment wrappers replaced by individual savings accounts (ISAs) last year – restricted foreign investments.One of the most positive aspects of the ISA is that it gives people a wider investment universe. Those who have a solid core of UK investments should use this as an opportunity to diversify, taking advantage of the potential returns offered by emerging markets, specialist funds and small cap stocks.While foreign markets and sector-specific funds are perceived as higher risk than FT-SE 100 shares, the fall on the UK stock market so far this year is evidence of the benefits of diversification.Any investment in equity should be seen as at least a medium-term commitment. If you are not prepared to tie your money up for at least five years then investing in the stock market is probably not for you.Investors seeking to diversify should turn east.

After a decade in the economic doldrums, Japan is tipped as the hot growth story. Save & Prosper’s Japan Growth fund is the best performer in all sectors over the past 12 months, rising by more than 300 per cent.The Nikkei, the Tokyo stock market index, has made a significant recovery, climbing more than 37 per cent over the past 12 months, but fund managers say it still has some way to go. Fleming Asset Management believes the Nikkei could hit 22,000 this year. It is currently at 19,817.88A revitalised Japanese economy is good news for the rest of South-east Asia, too. While some countries in the region are still perceived as risky – Indonesia is off most fund managers’ investment maps – Far Eastern funds excluding Japan are a good bet for those looking to take a gamble.South Korea is an investment favourite, particularly after its spectacular performance last year. Fund managers say the South Korean market has further to go, with plenty of shareholder value yet to come from corporate restructuring.