A private investor is set to open his own department store at a former Debenhams site in Kirkcaldy after running into difficulties with troubled concessions store 15:17.
Tahir Ali (pictured), who runs Evergold Property, a Yorkshire-based developer and asset manager, opened the Fife Department Store in the 20,000 sq ft high street premises on 11 November and said he will continue working with the existing concessionaires.
Evergold bought the premises along with a New Look store as part of an expansion drive in the Scottish town after snapping up the 80,620 sq ft Postings Shopping Centre at an Allsop auction in 2019 for just £310,000, reflecting a yield of 50%.
Debenhams ceased trading in Kirkaldy in early 2020 as part of a nationwide closure programme announced in 2019. Retail business 15:17 signed a 10-year lease with the then-landlord shortly afterwards but did not open until September this year. It only stayed open for a matter of weeks before closing in October.
Given the boot
According to its own website, 15:17 has taken over eight large-format stores, including former Arcadia shops, up and down the country since 2019, with the promise to reinvent high street retail. Its model is based on it retaining a portion of turnover from concessionaires to cover rent, rates, heating, lighting, Wi-Fi and staff rooms.
However, it has been blighted by allegations from traders and contractors of unpaid revenues and services at other sites. Ali said he took the decision to get 15:17 out of the Kirkcaldy premises after he was alerted to claims of traders and contractors not being paid at the store. He also claimed that he was owed more than £100,000 in rent arrears at that point.
Ali said: “I feel that allowing them to remain at my property would have been a far worse predicament for Kirkcaldy and me.
“Having been delighted at how well the local Kirkcaldy management team was operating the store, and given the fact that there is such a limited choice of beauty products, women’s fashion and children’s wear along the high street, I have decided to take the opportunity to bring on board a knowledgeable team of retail suppliers and specialists to help launch and support our own high street department store.”
Filling a retail gap
Ali will continue to work with the existing concessionaires that had filled the ground floor along with Kirkcaldy’s own 3 Beans Coffee chain.
“It would have been a great shame to leave a gap in Kirkcaldy High Street when there exists such an exciting opportunity to develop a local and varied department store in the heart of the town’s pedestrianised centre to the benefit of the local community,” he said.
Christmas trading
The new Fife Department Store will comprise concessions, local businesses and a first floor focused solely on fashion.
“While we all find ourselves in extremely challenging times, I am confident that Fife Department Store will prove popular with the local community and consumers, and we all look forward to a busy trading period in the run-up to the festive season and beyond,” Ali said.
Evergold is also working on a major change for the Postings, which was sold by Columbia Threadneedle and occupies a three-acre town centre gateway site. An announcement on the project is expected before the end of the year.
EG contacted 15:17 for comment.
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See also: Owner of ‘£1 shopping centre’ brings retail back to Kirkcaldy
