Can Mike Ashley turn walking-dead Debenhams into a winner?

Critics say Ashley continues to give a very good impression of somebody who tries to win a game of Monopoly by buying up the useless brown and light blue squares, writes James Moore

People queue up waiting for Debenhams on Oxford Street to reopen (AP)

There’s a lovely quote from retail analyst Nick Bubb about Sports Direct founder Mike Ashley’s fondness for buying up the high street’s walking dead. Ashley, said Bubb in his consistently readable Daily Retailer newsletter, “continues to give a very good impression of somebody who tries to win a game of Monopoly by buying up the useless brown and light blue squares on the board”.

This brings us neatly on to the subject of Debenhams. In its current state, the zombie department store chain looks like the most useless of those brown squares: the Old Kent Road.

For those who have somehow managed to avoid Monopoly, in which case congratulations because its a game that arguably causes more family rows than any other especially during the festive season, the Old Kent Road is the cheapest property to buy and to build on. Trouble is, the returns, in terms of the rent from your opponents should they land on the square, are dismal, even if you fill it up with houses, even if you add a hotel.