Landlords have cast doubt on the feasibility of Debenhams’ accelerated store-closure plan as the struggling chain pleads for more flexibility from property owners.
The majority of the 50 stores Debenhams wants to close over the next 3-5 years are poor performers in less-affluent locations, many of which are owned by private landlords rather than institutions.
“Private landlords will dig their heels in. They’ve got an asset with a nice income, on a long lease, and they are happy with the status quo,” an institutional landlord said. Another landlord said private owners lacked the capital needed to redevelop department stores into formats they could re-let.
The Telegraph adds that Debenhams store closure programme has also dealt a fresh blow to Sir Philip Green Arcadia has around 350 concessions operating under its Wallis, Miss Selfridge, Dorothy Perkins and Topshop brands, some of which will be hit by the closures.
