“We used to say that retailers never bought retailers,” says PwC consumer markets leader Lisa Hooker.

“Go back three or four years ago – you didn’t see that many deals, and you could only name a few 10 years prior to that: Walmart buying Asda, Next buying Lipsy.”

However, Hooker says consolidation is a growing trend in the sector. “Before Covid, you’d say there was more consolidation or partnerships as retailers looked to optimise their existing cost base. There were increasing pressures on profitability and you continued to have new brands and retailers coming into the market.”