Marks & Spencer must change its strategy in a 'fundamental way', close its Simply Food stores and launch a new chain to attract young shoppers if it is to thrive.

In a damning research note, Tony Shiret, one of the City’s leading retail analysts, said that the chain has made 'no financial progress' since executive chairman Sir Stuart Rose arrived almost five years ago, and argued that the current management team has 'managed to break' M&S’s food business.

The Credit Suisse analyst also cast doubt on whether the management can remain in place for much longer if profit forecasts continue to fall.

Daily Telegraph