Boring Next beats M&S to become new champion of the high street
Middle of the road retailer Next has unexpectedly won the nation’s hearts to become the most successful clothing store in the high street – it’s now worth £10.2bn, compared to just £7.5bn for M&S.
Christmas was good for Next, who probably spent a lot less on bells, whistles, Magic, Sparkle and Twiggy than their upmarket counterpart. Their sales went up by 11.9% during the festive period, while everyone else flailed around slapping pre-Christmas discounts on everything from trainers to slow cookers.
This quiet usurping of M&S is one of the strangest retail stories in a while - especially when you consider how BORING Next is. Their clothes are so dull your retina barely bothers to process them. But it’s a great place for er…pants and work clothes for Linda in accounts.
Next, which is run by Conservative peer Lord Wolfson (who is apparently a fiendish financial control freak) is now looking to expand, promising a bigger range of homewares and larger out of town stores with in store garden centres. In fact, rumour has it that they plan to take on the emperor himself – John Lewis.
It would appear that on the high street, boring is the new interesting. Don't all rush out to buy a pair of ill-fitting chinos at once, Britain.
TOPICS: High Street News