Sell My House Quickly in Oxford
Sell My House Quickly found another interesting article about Oxford. House of Fraser will shut its Oxford Street shop next year after both Topshop and Debenhams both closed flagship branches.
It will shut its flagship Oxford Street shop permanently in January.
The department store chain, which is owned by Sports Direct founder Mike Ashley’s Frasers Group, will close the branch next year after being served notice.
The owner of 318 Oxford Street, Public Properties Establishment, has been given permission from Westminster Council for a £100million redevelopment that will include a gym and pool, shops, several floors of office space and a top floor restaurant with views across London.
In a statement, Frasers warned of more closures unless the Government’s business rates tax system is overhauled to support the UK high street.
House of Fraser is the third major UK retailer to close or downsize on Oxford Street in the past year amid the pandemic.
Debenhams shut after the chain went bust last year, and Frasers’s neighbour John Lewis is seeking to convert several floors into offices following a long-term hit to footfall. And last month, Ikea revealed it would take over the Topshop building on the Oxford Circus junction.
318 Oxford Street was originally occupied by department store DH Evans, which merged with House of Fraser. The building has been occupied by House of Fraser since the early 2000s.
Frasers bought House of Fraser for £90million in 2018 after it went into administration, but the store has struggled since. There were 43 House of Fraser shops in August, down from 48 the year before.
A Frasers spokesman said: ‘It is with regret that we have been served notice by the landlord to close House of Fraser, Oxford Street – following granted planning permission to redevelop the site.
We found this article on Daily Mail. Kindly click the link to read the full story.
At Sell My House Quickly Oxford, we pay fair prices for any property fast and quick so please feel free to Contact us here for more details.