For a start, I would question the definition of department stores as a 'sector' at all, in my opinion they are a 'channel of distribution' and this is an important differentiation to make, rather just a nod to semantics. As I've said on many occasions before (usually in an online context), consumers shop brands, not channels. Rather than all be lumped together, the various UK department store operators are actually very distinct business, with different areas of focus, market positionings and product mixes. Both Debenhams and HoF are fashion-focussed, the former majoring on mass-market own brands, the latter on 3rd party, largely upscale designer brands. Both dabble a bit in homewares, but health & beauty is the only product area where the two significantly overlap. In my view, Debenhams especially is essentially a large floorplate fashion operator than a department store and in this respect, its closer peers would be Marks & Spencer, Next and even Primark.