An honorary adviser to the International Association of Department Stores has penned a letter to the Financial Times, laying the blame on the demise of the department store on real estate owners.
Christopher Knee writes that “newsworthy collapses” of department stores recently have been caused by new investors leveraging the real estate of the chains.
“Nowhere has this been more evident than in liberal UK, with Debenhams, BHS, House of Fraser and others,” he writes.
