Debenhams is quietly withdrawing from physical retail in Australia with its only store in the country set to close early in 2020 as it also starts its UK closure programme. It will continue to sell online in Australia.
Property giant British Land criticised retailers seeking to cut their rent bills as it released its full-year results. The company said some chains have been asking it to sacrifice too much as its portfolio value fell.
Select is likely to enter administration this Thursday and propose another company voluntary agreement in a bid to save the business from collapse. 2,000 jobs are at risk and store closures could be on the cards.
There are fears that the biggest hit from the Debenhams CVA if it’s approved this week will be suffered by smaller landlords with the 166 stores the retailer operates shared between 70 different property owners.
The gifting market in the UK is dominated by a major supermarket chain and an e-tail giant, but department stores remain key gifting destinations while other supermarkets also have a major opportunity to make it big.