Debenhams is the latest retailer to question whether the sporting spectacular which is set to take over London in less than 100 days will really bring the benefits that some have forecast.

Chief executive of the department store Michael Sharp claimed the Olympics was “the great unknown” for retailers.

The flag-waving and – fingers crossed – success of Team GB could create a feel-good factor akin to Kate and Wills’ nuptials last year, or it could mean the general public are glued to their screens cheering on Jessica Ennis et al instead of hitting the high-street.

Just what effect 2012 will have has divided UK retailers. Some, like Superdrug and Hamleys, are revamping key London locations in order to reap the rewards for the influx of tourists to the capital.

Debenhams’ big rival John Lewis has pushed the button on a £8m facelift of its flagship Oxford Street ahead of the big event.

However others, such as JD Sports – which most would expect to receive a fillip with an once-in-a-lifetime sporting event taking place in its homeland – is only expecting a “modest” uplift. WH Smith boss Kate Swann believes, despite the surge in footfall predicted by some, the retailer will not see any benefit.

Also, there is the supply chain conundrum that many retailers will have to overcome when faced with a plethora of route restrictions in the capital.

But surely the estimated 11 million visitors flocking to the UK over the period must bring some kind of boost to UK retail?

Experience from other major events such as the Sydney Olympics says it will. Australia experienced a £3bn economic boost from the Games, of which roughly a quarter was attributed to the retail sector.

However, there have been fears that the Olympics will actually reduce the number of tourists in London as those uninterested in the Games vie to steer clear of the crowd. London’s West End in particular relies heavily on tourist spend.

It seems like Sharp is right; for every Olympic positive there appears to be negative. Retailers will have to wait for the starting gun before they find out whether the Olympics really brings glory.