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Sandra Halliday Published
July 26, 2025
The last few turbulent years have seen major changes in the fashion retail landscape. But more change is to come and this could see a shake-up at the top of the sector, a forecast ranking of the UK’s leading names shows.
That’s part of a new report from Retail Week and Bloomreach, which forecasts that Frasers Group will be in top spot by 2026.
And it thinks seven of the top 10 retailers will have changed position by that date. Notably, three of the top 10 will be both fashion and sports retailers, “demonstrating the resilience of sportswear and athleisure”.
As well as Frasers’ prominence, other notable climbers will be a revived M&S, and Primark that has seen strong growth as customer footfall returns to stores.
But what exactly will drive Frasers’ elevation? The report said the leap from third to number one spot will come on the back of a “five-year compound annual growth rate (CAGR) of 9.2% attributed to its premium elevation strategy and lucrative acquisitions”.
Acquisitions such as Missguided and I Saw it First, plus expansion of its Flannels chain (while also rebranding the flagship store on Oxford Street to Flannels X to attract Gen Z consumers) will have been key. And its sports presence is important too. The company has its roots this sector (having originally been called after its top chain, Sports Direct). Establishing stronger relationships with big names like Nike is helping its sports business.
Recent news that the firm is deepening its ownership of shopping centres could also be a major factor in its growth.
The researchers believe the group will “continue to deliver a solid sales performance through a clear and considered group strategy”.
THE TOP PLAYERS
Overall, the top 5 is predicted to comprise Frasers with that 9.2% CAGR and a £5.6 billion turnover in 2026/27; followed by Next, up 5.3% to £5 billion, but remaining in second place; M&S, rising two places to number three with £4.9 billion worth of sales and a five-year 8% CAGR forecast; JD sports still in fourth place on £4.7 billion and a 5.8% increase; and Primark that should rise two places to number five with a 13.5% sales jump to £4.4 billion.
As for the rest of the top 10, in sixth place, John Lewis is predicted to plunge five spots with a sales rise of only 2.5% also at £4.4 billion; TK Maxx will be down one spot despite a 5.6% increase to £4.3 billion; Nike will rise one spot to eighth with sales of £2.4 billion and a 7% increase; The Very Group will be down one with only a 1.7% sales rise to £1.8 billion; and ASOS will hang on in 10th spot with a 1.3% increase to £1.8 billion.
And in the wider top 30, significant risers should include Whistles and Hobbs owner TFG, up six places to 24; Next-controlled Reiss, up seven spots to 29; and the most luxury-focused name in the list, Harrods, up four places to 21.
The biggest fallers are forecast to include prominent name Boohoo, down four places at 16 with the only sales fall in the top 30 list (down 1.1%).
KEY STRATEGIES
Looking back at the top players, the report said “Next is forecast to put in a solid performance over the next five years. Like Frasers Group, it has adopted an acquisitive strategy and recently acquired Made.com, Joules and Cath Kidston out of administration”.
Retail Week senior analyst Kate Doherty expects ongoing third-party growth at the retailer. “The appointment of Jeremy Stakol as an executive director, heading up group investments, acquisitions and third-party brands in 2025 also shows intent in terms of Next’s third-party push.”
Its investments in its Beauty Hall concept and department store-style shops will be key, as will its “channel-agnostic, customer-focused strategy”.
M&S will benefit from a focused recovery strategy, new brand partnerships, and ongoing improvements to its product offer. And Primark will prosper as it rides the wave of consumers re-embracing physical store shopping, as well as its click & collect rollout that brings to cautiously into e-commerce while also driving store footfall.
Despite falling from the top spot, John Lewis doesn’t seem to be in terminal decline. It looks worse given the growth of its rivals, but its fashion sales saw a strong bounce-back in the year to January 2025, with the share of total sales rising from 33% to 37%.
And it has been investing in its fashion and kidswear offer. The report authors think its move into rental across childrenswear and womenswear with partners Thelittleloop and Hurr “is sure to bolster future revenues”.