U.K.'s largest clothing retailer Established presence in the U.K. food retail market, albeit with bias toward price-sensitive convenience offering Well-recognized brand with an emphasis on quality and innovation Fashion-oriented, highly competitive, and seasonal nature of the U.K. apparel retail market exposes the group to volatility in operating performance Discretionary nature of clothing spending Financial policy that focuses on delivering shareholder value The ratings on Marks&Spencer PLC (M&S) are supported by its position as the U.K.'s largest clothing retailer, as well as its established presence in the U.K. food retail market that benefits from the nondiscretionary nature of food spending. In addition, the M&S brand benefits from an image of a quasi-national institution with an emphasis on high quality
