Changing places

Is Next the new Marks & Spencer? Or rather the old, unsuccessful M&S. It is almost like the two high street retailing giants have swapped places. As M&S has recovered – its shares are up by 25% this year – Next has slumped. Shares in the former high-flier are down 18%. It’s not wholly surprising that Next is finding life harder simply because M&S is fighting back. The two target the same customers, and together account for nearly 20% of the UK clothing market. But Next’s downturn has come after...