‘Too big to go down’ is an old football maxim and a cautionary tale. It refers to the complacent attitude that creeps up on established clubs, a deluded conviction that given their consistent achievements, they will never be relegated.

The same attitude pervades in the world of business. Former household names on either sides of the Atlantic, such as Pan Am, TWA, Atari, Woolworths, BHS and C&A (in the UK) all went bust largely because they thought themselves invincible. The same mood exists at Boots today, which is overpriced and over-reliant on being a source of NHS prescriptions. It also used to be the case at Marks & Spencer until a few years ago, when it woke up to the fact that the likes of Primark and online shopping had arrived in earnest.

Both establishments have an unmistakable whiff of moribund complacency about them

Both establishments have an unmistakable whiff of moribund complacency about them

The same cannot be said for WH Smith, or the high street outlets it sold off last year and which now go under the name of TG........

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