When M&S used that label to describe the £750m investment, nobody knew that it would make its debut at a time when not just retail but everyday life has been transformed by the Covid-19 pandemic.

Shoppers have flocked online. Even though most retail sales still go through stores, M&S’ lack of presence in grocery etail was an Achilles heel at a food division that has been doing well overall. As the launch date for the Ocado joint venture looms, the deal takes on even greater importance than was previously envisaged.