London’s first department store opened its doors in 1796, offering Georgian shoppers everything from hats to clocks, and by the early 20th century Selfridges and Harrods had arrived. Over the past decade, however, these “cathedrals of commerce” have struggled. British Home Stores, House of Fraser, Debenhams and Edinburgh’s Jenners have all closed, and even John Lewis – the mothership of Middle England – is under pressure.
Don’t sound the death knell just yet, though. Marks and Spencer (MKS) and Next (NXT) have spotted an opportunity, and are looking to fill the void by buying up sinking brands and trying to widen their appeal. The question is: will they succeed where others have failed?