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A mournful end to a long and distinguished commercial career.
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More than a pang this week to hear that dear old Debenhams is to close. It
appears that Covid has finished off the last uncertain year of
trading for this familiar and much-loved store, on the ubiquitous high street
for all of my long life. It traces its history back to 1778 when
William Clark established a drapery store at 44 Wigmore Street, even
then a prestigious address. He sold expensive fabrics, bonnets,
gloves and parasols which makes me almost certain that Jane Austen
will have shopped there during her frequent stays with her brother, Henry, a banker, and
his wife, Eliza, They lived over the bank in which he was a partner, at 10, Henrietta Street, and later in Chelsea at 23, Hans Place.
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| William Debenham in 1813 |
In 1813
William Debenham invested in the firm which then became Clark &
Debenham and went from strength to strength. The first store outside
London was opened in Cheltenham [a fashionable town] in 1818, an exact replica of the Wigmore Street store. In the ensuing years
the firm prospered and became an important centre for the lucrative
Victorian fashion of family mourning by which widows and other female
relatives adhered to a strict code of clothing, usually new, and etiquette.
In 1851 Clement Freebody became a major investor in the firm which was
re-named Debenhams & Freebody and business expanded into
wholesale, selling cloth and other items to dressmakers and large
retailers. The firm grew, acquiring retail, wholesale and
manufacturing businesses during the remainder of the 19th
century when offices also opened in South Africa, Australia, Canada and
China.
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| Debenham & Freebody, London, 1905. |
Acquisitions
continued into the 20th century and the store became Debenhams
Ltd in 1905. In 1919 it merged with the famously fashionable Marshall
& Snelgrove and in 1920 it purchased Harvey Nichols, a gloriously
resonant trading name. An astonishingly sustained period of growth
and financial success followed. The involvement of the Debenham
family finally ended in 1927 and the business became a public company
in 1928. By 1950 Debenhams was the largest department store group in
the U.K. owning 84 companies and 110 stores, the lynchpin of the British retail landscape. It continued to grow with central buying finally introduced in 1966. 1976 saw the
acquisition of Browns of Chester, the so-called Harrods of the North,
and the following year all the stores were re-branded as Debenhams
with the sole
exception of the prestigious Browns which retains its own name to
this day. Browns was both a high-status store and also one set in a jewel of a building.
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Part of the gorgeous interior of Browns of Chester. |
From
1985 to 1998, Debenhams became part of the Burton Group which saw the
repositioning of the business with the introduction of exclusive
merchandise, most notably, Designers at Debenhams, launched in 1993. This period also witnessed a significant increase in the number of stores and in 1997 came the
first international franchise store opened in Bahrain. Following the
de-merger from the Burton Group, Debenhams was listed on the London
Stock Exchange until 2003 when it was acquired by Baroness Retail
Ltd, returning to the London Stock Exchange in 2006. In September
2007 the Company acquired nine stores from Roches in the Republic of
Ireland followed, in November 2009, by the acquisition of Magasin du
Nord, the leading Danish department store.
In
February 2019 Debenhams announced a strategic sourcing partnership
with global supply chain solutions provider, Li & Fung. In April
2019 Debenhams plc entered administration and delisted. The operating
businesses under Debenhams Group Holdings Ltd were acquired by a
consortium of lenders, Celine UK NewCo 1 Ltd at this time, and the business gained
access to £200 million of new funding and embarked on a
restructuring plan.
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Debenhams advertising postcard, 1906. |
And now
the bombshell that Debenhams has ceased trading and is holding fire
sales this first week in December. J.D. Sports had been negotiating a buy-out but after
Philip Green’s Arcadia also collapsed this week, JD Sports terminated
the negotiations with Debenhams. Given the vast property portfolio,
124 stores, and the huge number of jobs, 12,000, which will be lost,
the collapse of Debenhams will have a huge impact on Britain’s
ailing High Streets. The consensus of opinion at this monumental failure is that Debenhams lost out to more nimble competitors as it
failed to embrace change, particularly online, I certainly mourn the ignominious end of
242 years of incredible continuity and exemplary commercial success. For me, there is nostalgia of course, for one of the background staples of my childhood and growing up, but there is also a considerable sadness at this ignominious final act.
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Customers rush into the first day of sale, 1977. |
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Illustration of Clark & Debenhams before 1851. |