FEW business stories can have been followed so closely, and by so many people, as the takeover battle at Marks & Spencer.

The high level of interest reflects the affection and respect many of us have for the retailer.

M&S is not in financial trouble. It remains the country's largest clothing retailer, and last year turned in a profit of £739.8m

But in recent years, there appears to have been a tendency for M&S management to take that affection and respect for granted.

The perception, by both investors and customers, is that the company has failed to adapt to changes in fashion and shoppers' expectations.

As a result its kudos has been diminished by new faces on the high street.

It is this complacency which has led to suggestions that the business could be more profitable, and prompted the predatory interest from Philip Green.

Much will hinge on the recovery plan to be announced by M&S on Monday.

One victim could be the Lifestore in Gateshead. The new concept was only opened five months ago in a blaze of publicity. Doubts over its future demonstrate the struggle M&S is having in re-establishing its market dominance.

In the circumstances, Mr Green's £9.1bn bid seems reasonable. Already it has attracted the support of the biggest shareholder in M&S, and others may follow suit.

It remains to be seen whether investors and shoppers have the confidence to put their faith in yet another attempt at re-branding M&S. They may well prefer to see a new broom sweep through the stores.