The Mike Ashley House of Fraser closes its flagship store on Oxford Street, London | Business News

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The Oxford Street flagship store in the House of Fraser is set to close its doors for good.

The retailer, which is owned by Fraser’s group Mike Ashley, confirmed that the site will close in January.

A Fraser Group spokesperson explained: “We have received notice from the owner to close House of Fraser, Oxford Street – after we were granted planning permission to redevelop the site.

“Since acquiring (House of Fraser) in 2018, despite the challenges we faced, we have worked collaboratively with the owner to keep the store in circulation for 3 years longer than the previous owner initially suggested.”

Photo: This Christmas will be the last major store

The company has not yet determined how many jobs will be lost.

The impending shutdown will leave 41 House of Fraser locations – fewer than the 59 the group took when it bought the brand out of management.

The Guardian, which first reported the closure, said the London store was understood to be owned by the German Conley family, who had obtained planning permission for an office and restaurant space.

It forms part of Oxford Street’s transformation from a purely retail hub as shoppers continue to switch to online shopping.

Fraser argued that there was little incentive to invest in physical retail, and he reiterated earlier demands that the sector needed help if it was to start competing.

Photo: Frasers Group Mike Ashley also includes brands such as Sports Direct and Flannels

“As a company that continues to invest significantly in British High Street, we feel it is fair to acknowledge and request an urgent review of the current legacy business rates, which are still startlingly outdated,” the company said.

“If business prices are revised, it will support the future of House of Fraser. Without that, more store closures are inevitable.”

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