Trading places

Marks & Spencer and Next, two of the UK’s largest clothing retailers, have long had divergent fortunes. M&S’s is showing early signs of a recovery, after a protracted decline. Meanwhile, Next has hit a downturn after its long upswing. The upshot is that, while M&S’s stock has risen by over 40% in the last year, Next’s is still below where it was at the start of 2005. Has the time now come to switch back into Next? The former high-flyer did better than the market had feared over the crucial Chr...