2021-01-26 19:53:42| Guardian Unlimited Business - more business news
Debenhams is shutting up shop, as is Jenners in Edinburgh. With thousands of jobs set to be lost, these changes in retail are painful It is still possible that Jenners, the venerable Edinburgh department store and one of the fixtures of Princes Street, will be rescued in some form or other. Observers have speculated that the announcement it is to shut is a bluff by its owner, Mike Ashley, aimed at extracting more generous terms from the landlord. But coming in the same week as news that Debenhams has been sold to the internet retailer Boohoo, a move expected to lead to the closure of its 124 stores, the prospect of Jenners disappearing has the feel of the end of an era.Department stores may not mean much to some people. Even before the pandemic fast-forwarded existing trends, shoppers were moving online in droves. Once, Zara was known for its super-speedy supply chain. Last year, it was Boohoo that made a killing, after being among the first to ditch existing lines and move into the loungewear that it realised customers would want when stuck at home. Another internet retailer, Asos, is in talks to buy the remnants of Sir Philip Greens fallen empire, Arcadia. Continue reading...
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