Debenhams’ current woes include falling sales and a deflated share price. The chain would like to be associated with catwalk glamour through its links with Julien Macdonald and other designers. But, instead, it is seen as likely to suffer more than its peers from a high street slowdown; even the chief executive talked of tough times ahead this week.

The chain returned to the stock market in May 2006, massively enriching its previous owners – private equity investment groups. Any debate as to whether private equity leaves the businesses that it buys leaner and meaner, or stripped of their assets inevitably turns to Debenhams.

Julien Macdonald’s London Fashion Week show on Sunday night should have been a chance to get closer to the retailer’s lighter side. The presence of Cheryl and Nicola from Girls Aloud raised the expectation of hyper-sexy dresses in Macdonald’s usual style. But, instead of “something kinda oooh”, as Girls Aloud would put it, the 2012 Olympics-inspired collection was more track and field (albeit in lamé) than red carpet.

The show made me curious as to whether Macdonald’s line for Debenhams had also lost its glitz. I realised that since my dispiriting visit to the chain’s Oxford Street flagship last November, I had seldom returned. So I quickly arranged to meet my twentysomething colleague Kasia in Oxford Street the next morning.

The Debenhams building looked shabby in contrast with its neighbours John Lewis and House of Fraser which are both getting a makeover. Debenhams looked like the ugly sister in more ways than one. Baugur, the Icelandic investment group and parent company of House of Fraser, holds a 12 per cent stake in Debenhams.

The interior was equally uninviting; the displays looked even more worn than on my last trip; a removals crate full of hangers stood in the changing room and baleful assortments of sale stock advertised past misjudgments.

A badly wrinkled photograph of John Richmond, another Debenhams designer, hung in the ill-lit zone featuring his collection. His lovely, slouchy, chain-mail bag (£60) deserved better.

The same applied to Kasia’s favourite, a grey snakeskin bag (£65) from Jasper Conran, another Debenhams big name – whom the business holds in such high regard that his coats remain on the rails with buttons missing. A brown tweed coat (£70) was a great example of John Rocha’s tailoring. But, again the presentation of this and his other creations was amateurish. Why recruit such elite figures and then undermine them by neglect?

The ranges of Julien Macdonald and Matthew Williamson were positioned together; this juxtaposition should have provided exuberance and embellishment. But, once more, misery prevailed, robbing the lustre from such elegant items as a black and white Julien Macdonald tunic (£45).

In Debenhams’ latest advertising campaign models pose bafflingly as trainspotters and Women’s Institute members, styled to the nines in its designer wares. All this store has in common with a trainspotting club is that you would not wish to spend too much of your leisure time there.

The links in the chain

Debenhams’ pretax profits for the six months to March 2007 were £105.5 million on sales of £1,287.8 million.

Retail is detail

Layout: outdated 5/10
Staff: slightly disengaged 4/10
Changing rooms: roomy but chilly 5/10
Bags: scarcely memorable 6/10
Overall score: some great pieces in a dreary space 6/10

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