M&S SET TO OVERTAKE WAITROSE
Middle classes flocking back to High St stalwart
MARKS & Spencer is poised to overtake Waitrose as it wins over growing numbers of middle class shoppers.
In the latest sign the High Street retailer has got its mojo back, industry group Nielsen yesterday said it is neck and neck with Waitrose, with each holding 3.8pc of the market.
It marked a major change of fortunes for the two Middle England favourites. In 2021, Waitrose held a 4.2pc share of the market and M&S just 3.2pc.
Industry experts said M&S was likely to stretch ahead of its rival for the first time this year as it opens more food stores and continues to attract customers.
this would be another setback for the John Lewis Partnership, which owns Waitrose and the department store, and its outgoing chairman Sharon White.
As well as leapfrogging Waitrose, M& S is looking to extend its lead over the John Lewis department stores in terms of clothing and home sales. the 95-year-old John Lewis Partnership has floundered in recent years, racking up a £234m loss in 2022. Susannah Streeter, head of money and markets, at Hargreaves Lansdown, said: ‘M&S food halls in high footfall areas, offering
Coatsworth, investment analyst at broker AJ Bell, said John Lewis ‘ seems to have lost its swagger with the nation’.
But M& S has dropped its dowdy clothing ranges and lured in new and younger shoppers thanks to star-studded partnerships. Actress Sienna Miller was the face of its autumn collection and ted Lasso star Hannah Waddingham featured in its Christmas advert.
under the guidance of chairman and retail veteran Archie Norman, chief executive Stuart Machin has continued a turnaround programme at the chain.
Investors have lauded the strategy and shares have doubled since the start of last year, even after a recent slide.
By contrast, John Lewis is considering axing 11,000 jobs and withheld its annual bonus in a bitter disappointment for staff last year. It has been hit hard by the pandemic and high inflation.
Last month White told staff to expect ‘ quite big changes and quite bold changes’ as the employee- owned business attempts to return to profit.
She is stepping down in February 2025 at the end of her fiveyear tenure.