Fancy shop uncovered chili pepper (5)

I believe the answer is:

ancho

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'chili pepper' is the definition.
'ancho' can be an answer for 'pepper' (I've seen this before). I am not sure about the 'chili' bit.

'fancy shop uncovered' is the wordplay.
'fancy' becomes 'anc' (I can't justify this - if you can you should believe this answer much more).
'uncovered' indicates the central letters.
The centre of 'shop' is 'ho'.
'anc'+'ho'='ANCHO'

Can you help me to learn more?

(Another definition for ancho that I've seen is " Pepper".)

I've seen this clue in The Irish Times.

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