Another gloomy story emerged today regarding the future of Debenhams. It is a challenging time for the high street, and another big name retailer is falling victim to the difficult conditions.
The struggles of Debenhams and other big names must mean the government should take further steps to reform business rates, and try to level the playing field. When rates for some single stores can exceed well know internet retailers entire tax bill on UK turnover for a year, surely the related loss of what will likely be anchor stores in many shopping centres will increase the pressure for reform.
In addition, Debenhams management has stated that it needs to reform in order to take on the internet retailers - as experiential shopping becomes more important for department store operators in particular.
Debenhams is understood to be seeking to close 50 of its 166 stores in a radical overhaul