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Friday 14 December 2018

Debenhams builds personal finance offer with Western Union partnership

The department store is offering foreign exchange transfers from in-store kiosks.

Debenhams is partnering with Western Union (PA)
Debenhams is partnering with Western Union (PA)

By Helen Cahill, Press Association City Reporter

Debenhams is expanding its foreign exchange services as part of plans to widen its appeal to customers.

The department store is partnering with Western Union in 112 of its stores to offer global money transfer to shoppers.

Western Union already partners with several major retailers – including John Lewis, WHSmith and Sainsbury’s.

The news comes as Debenhams pushes ahead with plans to improve its consumer offering amid flagging sales and profits.

Debenhams saw its half-year profits plunge nearly 85% from £87.8 million to just £13.5 million over the 26 weeks to March 3, with like-for-like sales falling by 2.2%.

The department store is facing severe structural pressures and the firm has started shifting its focus away from fashion towards beauty products and gifts.

Announcing its partnership with Western Union on Monday, Debenhams said it was committed to developing the personal finance services it offers in stores. The retailer already has currency exchange kiosks in many of its outlets.

Andy Newman, head of personal finance at Debenhams, said: “We are really excited to be working with Western Union to provide a fantastic travel money service to our consumers nationwide.

“We now have travel money bureaux at over 100 of our stores and will be introducing a total of 6 more in the coming months.”

Press Association

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