Leading market position in the U.K. apparel retail market and well-established, upmarket niche position in the U.K. food retail market. Very strong brand recognition. Successful operational turnaround. Very conservative financial profile. Increasing competitiveness in the U.K. apparel and food retail markets, which could somewhat limit profitability improvement. Volatility of the U.K. apparel market. The ratings on the U.K.-based retailer Marks&Spencer PLC (M&S) and related entities reflect its leading position in the U.K.'s intensely competitive apparel retail market, its very strong brand recognition, well-established, upmarket niche position in the U.K. food retail market, and a very conservative financial profile. The ratings also reflect the volatility prevalent in the U.K. apparel retail market. UK-based M&S, with sales of about £8.1
