In a fiercely competitive UK marketplace, Marks & Spencer underperformed for the better part of a decade, highlighting the difficulty in developing competitive advantages in the apparel and grocery sectors. The 200-year-old firm is exposed to disruption from new players such as price-led discounters and online retailers. In 2016, a fresh transformational plan was implemented. Although slow initially, postpandemic progress has been material, with new management at the helm in 2022.