Frasers Group, formerly known as Sports Direct, has officially announced the closure of its flagship House of Fraser store on London’s iconic Oxford Street. The closure was widely expected after the building’s landlord received planning permission to redevelop the site. The new plans for the location involve tearing down and rebuilding the upper floors into office spaces, while the basement area will be transformed into a gym and pool. Although retail operations will continue on the ground floor, it is evident that a traditional department store no longer aligns with the future vision for the site.
The building is owned by Public Properties Establishment, which is believed to be controlled by the German Conle family. Frasers Group confirmed that it had been served notice to vacate the property once the planning permission was granted. Speculation suggested that House of Fraser might still occupy a portion of the building once the development is complete. However, with the renovations projected to last up to two years and the rapidly changing retail landscape, the feasibility of this arrangement remains uncertain.
A spokesperson for Frasers Group expressed disappointment over the closure and acknowledged the collaborative efforts to extend the store’s operations for three years longer than originally proposed by the previous owner. The spokesperson also emphasized that without substantial business rate reform, more store closures in the retail sector are inevitable. They stressed that addressing the issue of business rates is crucial to securing the future of House of Fraser.
The closure of House of Fraser on Oxford Street exemplifies the rapid transformation underway in the retail industry since the onset of the COVID-19 pandemic. While the loss of another iconic department store on Oxford Street may cause some to lament, Jace Tyrrell, CEO of the New West End Company trade group, believes that reinventing Oxford Street is essential for its survival. Tyrrell argues that a diverse range of offerings, including office spaces, is necessary to attract customers to retailers, food and beverage establishments, and leisure venues.
The closure of House of Fraser adds to the growing list of retailers deserting Oxford Street, including Debenhams, Next, Zara, Gap, and Topshop. However, amidst these departures, Superdry and Mango have recently opened significant flagship stores in the area. The evolution of Oxford Street is still ongoing, and it will continue to transform in the years to come as revitalization efforts gain momentum. The closure of the House of Fraser flagship represents another significant milestone in the street’s journey toward its future identity.
[Link 1: Oxford Street Redevelopment Plans – https://www.oxfordstreet.co.uk/] [Link 2: House of Fraser Official Website – https://www.houseoffraser.co.uk/]
