Amid renewed economic gloom and relentlessly downbeat consumer sentiment, next week brings a chance to gauge the sector’s temperature as some of retail’s biggest beasts report.

Amid renewed economic gloom and relentlessly downbeat consumer sentiment, next week brings a chance to gauge the sector’s temperature as some of retail’s biggest beasts report.

Among them is Marks & Spencer. The food to fashion giant issues interims and a second-quarter statement on Tuesday.

M&S has not updated since mid-July and next week’s figures will only cover the period to the start of October. Although there will no doubt be some mood music on the outlook, there will be no current trading data.

Ahead of the numbers, there has been some bearish comment from brokers such as Nomura although, over the last three months, M&S’s share price has been pretty stable.

In July M&S was able to boast increased market share in clothing and food, although general merchandise like-for-likes were flat. No doubt the retailer, like many others, will have experienced trading volatility since.

In retrospect it appears that big retailers emerged relatively unscathed from the August riots in England, but they have had to contend with factors such as unpredictable weather and persistent consumer blues.

While short-term investment decisions will be influenced by the mood of the moment and the immediate outlook, the real decision for shareholders is whether M&S represents value over a longer period.

There are plenty of initiatives under way that are too early to judge but, if successful, will mean M&S comes out of the downturn in a strong position. Whether it be internationalisation – the merits of a bricks-and-clicks approach as the retailer prepares for its return to France look all the more sensible as the eurozone lurches from crisis to crisis – or better in-store differentiation of brands or emphasis of product exclusivity, M&S is changing.

At the other end of the chain, cost efficiencies are being wrung out of the business.

Success will depend on successful execution. And whatever else may be said, so far chief executive Marc Bolland has displayed close attention to detail.