Marks & Spencer has been able to do little right in recent times. Despite success in the Republic, the retailer has struggled to capture customers' imagination, despite several new looks and management reshuffles.

Its latest gamble sounds a little desperate. The store has appointed one Carol Stockhill as "head of Christmas" - I kid you not. The Margin thought that job was taken by Mr Claus . . . at least Ms Stockhill has an appropriate first name.