Making sense of the past seven days
So Debenhams' float got away - just.

A listing towards the lower end of the pricing range always looked likely, but there must be disappointment among the store groups' backers that it was a rock-bottom 195p.

Even so, the IPO must be judged a success overall. The department store group's capitalisation of just under£1.7 billion makes it the biggest UK flotation in about five years and, as conditional dealing got under way, the price moved up.

The real winners so far are the three private equity firms - CVC, Texas Pacific and Merrill Lynch Global Private Equity - that bought Debs in 2003 and have trousered more than£1 billion so far. And, of course, the management team, led by the canny Rob Templeman.

But the scepticism that has greeted Debenhams' post-IPO growth plans - in particular, doubts about whether the number of full-line department stores can be doubled to 240 - means Templeman will be under pressure to demonstrate that there is still value to be had from the business.

In the 26 weeks to March 4, Debenhams managed to scrape together like-for-like growth of 0.6 per cent. Compared with many other retailers suffering in relentlessly tough trading conditions, that was pretty good going. And under Templeman's leadership, Debenhams has increased its market share from 15.2 per cent to 18.6 per cent.

Templeman, along with his management team mates John Lovering and Chris Woodhouse, has to hold on to 70 per cent of their shares for a year so there's no reason to expect him to take his foot off the pedal now the float has taken place. In fact, the low price gives him every incentive to drive Debenhams as hard as he has done since 2003. He still has a point to prove - and rival retailers should only expect even more ferocious competition.

Electrials group DSG issues a trading update next Wednesday. The retailer faces a host of strategic threats, but John Clare has proved himself one of the most fleet-footed chief executives in the sector.

The store groups has been transformed in recent years. There has been rapid and aggressive international expansion, a name change and, most dramatically, the decision to take the totemic Dixons name off the high street and exclusively into cyberspace.

A few years ago, as he took a back seat, founder Lord Kalms talked about the need to reinvent yourself every few years. Under Clare, DSG has been doing just that and has been one of the most adventurous and innovative retailers in the UK.

Dixons may face many threats, but no other retailer has shown such determination to turn them into opportunity.