When Ocado entered the FTSE 100 six years ago, it was seen as a flag-bearer for changing consumer tastes, as traditional retailer Marks & Spencer narrowly avoided relegation from the top tier on the same day.
This week, those roles look set to be reversed, with M&S riding high and Ocado now expected to drop out of the index of the UK’s top companies in the quarterly reshuffle, after its valuation plunged to about £3bn from a high of £22bn during the pandemic.
