Analysts at investment bank Liberum see a widening gap between winners and losers in the retail industry. Importantly this isn’t just divided between traditional bricks and mortar outfits and their online rivals, as has been the case in the recent past.

They see some online names as vulnerable and think more traditional players operating in the value segment of the market like Primark-owner Associated British Foods (ABF) and B&M (BME) are better positioned.

They write: ‘Putting it simply, it seems to us that these new world, disruptive players, including pure online and high quality, branded multi-channel operators, talk and most importantly act differently.

‘They put product and customers at the centre of every decision they make, strengthening and protecting the longevity of their brands. They have an unwavering focus on strategic investment, growing a loyal customer base and gaining a deep understanding of its behaviour.’

Winners according to Liberum include ASOS (ASC:AIM), Ted Baker (TED), Majestic Wine (WINE:AIM) and wellies seller Joules (JOUL:AIM).

Caution is expressed on the prospects for Marks & Spencer (MKS), Debenhams (DEB), Pets at Home (PETS) and SuperDry (SDRY). (TS)

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