Marks & Spencer's strategy may be testing shareholders' patience

London

FOR generations, British children went to school in Marks & Spencer's clothes, teenagers turned to it for first interview suits and shoppers of all ages bought its underwear.

But the arrival over the last 20 years of fast, cheap fashion at one end of the market and affordable luxury at the other has left M&S struggling to recapture its universal appeal.

After 14 consecutive quarterly declines in clothing, footwear and homeware sales, time could be running out for the man tasked with finding a solution - Dutchman Marc Bolland.

A rising share price, a strong dividend and signs of improvement in its…