Retail Entrepreneur Eyes Closing Shops for Department Store Chain Growth

  • Philip Day in talks to acquire M&S and House of Fraser stores
  • Edinburgh Wooden Mill boss aims to turn stores into Days department store chain
  • Discussions over 10 Marks and Spencer sites and Mike Ashley’s House of Fraser stores
  • Plans to bring Jaeger, Austin Reed, and Jane Norman under one roof at 50 UK locations

Retail entrepreneur Philip Day, the boss of Edinburgh Wooden Mill, is reportedly in talks to acquire a small number of Marks and Spencer and House of Fraser stores that are set to close. According to the Sunday Telegraph, he aims to turn these stores into branches of his Days department store chain, which he launched in 2017 by converting a former BHS store in Carmarthen, Wales. Day is believed to be in discussions over 10 Marks and Spencer sites and is also eyeing Mike Ashley’s House of Fraser stores where leases are set to expire this autumn. His goal is to bring his brands, including Jaeger, Austin Reed, and Jane Norman under one roof at 50 locations across the UK. Marks and Spencer is currently halfway through its plan to close 100 shops as it seeks to lower its presence on the high street. In January, the company confirmed the latest 17 stores set to close including: Ashford, Barrow, Bedford, Boston, Buxton, Cwmbran, Deal, Felixstowe, Huddersfield, Hull, Junction One Antrim Outlet, Luton Arndale, Newark, Northwich, and Sutton Coldfield. It is understood that Day wishes to outright own shops rather than be subject to rent rises from landlords. His retail group owns about a third of the freeholds to its 1,200 shops.

Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about Philip Day’s plans to acquire Marks and Spencer and House of Fraser stores, his intentions for the stores, and the current situation with Marks and Spencer closing shops. It also includes details on the specific stores set to close and Day’s ownership of freeholds.
Noise Level: 3
Noise Justification: The article provides relevant information about a business deal and potential acquisitions in the retail industry, but lacks in-depth analysis or exploration of long-term trends or consequences. It also does not offer significant actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Marks and Spencer and House of Fraser stocks
Financial Rating Justification: The article discusses the acquisition of Marks and Spencer and House of Fraser stores by retail entrepreneur Philip Day, which could impact the financial performance of these companies and their respective stocks.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text. The article discusses a retail entrepreneur’s plans to acquire and convert some closing stores into his own department store chain.

Reported publicly: www.retailsector.co.uk