(Bloomberg) -- Tuesday’s plunge in Boohoo Group Plc shares is a vivid demonstration of how European online retail stocks are struggling just as a recovery in their brick-and-mortar rivals goes from strength to strength. 

Fast-fashion retailers Boohoo, Asos Plc and Zalando SE have tumbled more than 70% since their peaks, while shares in Next Plc and Marks & Spencer Group Plc have more than doubled after bouncing off their 2020 lows. 

Online retailers did well during the early part of the pandemic as lockdowns forced shoppers to make purchases from their homes. But the introduction of Covid vaccines and reopening of economies revived brick-and-mortar stores, with e-commerce stocks struggling to keep up. 

“Although online shopping is now firmly ingrained as a habit for the long-term, shoppers still clearly want the in-store experience,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “E-commerce retailers have been having a hard time, particularly as competition for shoppers’ wallets heats up amid the cost-of-living crisis.”

Read more: Boohoo Plunges as Online Fashion Retailer Cuts Forecasts

Retail is the best-performing subgroup in Europe’s Stoxx 600 Index this year, but individual performances vary greatly: Marks & Spencer is the biggest gainer with a 88% advance, while Zalando has fallen the furthest, tumbling 37%.

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