Marks and Spencer Group PLC (LSE:MKS) is on course to overtake the John Lewis Partnership in sales by 2026, according to industry data.
The FTSE 250-listed retailer’s forecast compound annual growth rate (CAGR) is 2.7%, compared to 1.8% growth from its employee-owned competitor.
That means the two would swap places at seventh and eighth in the rankings, according to Retail Week Prospect analysts.
“M&S’ willingness to evolve and diversify has been key to its success,” said Retail week data and insights director Lisa Byfield-Green, hailing the “long-term mission to transform its business”, with Steve Rowe’s five-year plan followed by a ‘reshaping for growth’ strategy led by CEO Stuart Machin and co-CEO Katie Bickerstaffe.
The data also found that Amazon was on track to move into the top three UK retailers within the next few years, reporting the highest CAGR of any retailer in the top 30, overtaking Asda.
“We had originally forecast Amazon to be number two behind Tesco but in light of its current cost focus and its first-ever year of single-digit growth in 2022, we revised our forecast down slightly,” said Byfield-Green.
Tesco is expected to remain in the top spot, with Sainsbury’s in second.
Aldi, Lidl, Morrisons, and the Co-op make up the rest of the top 10.