Debenhams to close 50 stores after record annual losses
Yesterday's announcement that Debenhams is to shut 50 stores across the UK has prompted questions around the department store in today's retail environment, which is increasingly becoming a digital market. The store recorded a loss of £491.5m in the year to September whilst previously saying it only planned to close 10 stores.
Harsha Wickremasinghe, Head of Business Intelligence at Arrowpoint Advisory, explains: "The embattled retailer has outlined hard-hitting plans to transform itself into a relevant retail entity for the 21st century but it has taken too long to address basic issues." In the piece on Cosmetics Business, Harsha discusses what the announcement highlights about the department store model.
Read Harsha's thoughts on the announcement here.