The layer of complexity and cost involved in online is, quite simply, at odds with their model, explains Jonathon Ringer, head of EMEA retail practice at Bain & Company.

“One of their great strengths, and the reason they can offer such great value to their customers, is the simplicity and standardisation of their model: the narrow range, the standard store model, the simple merchandising. They have been very disciplined about not allowing complexity to creep in,” he says.