House of Fraser has secured a new long-term lease for its store in Belfast’s Victoria Square shopping centre and is planning a £10m refurbishment.
The new deal with landlords Commerz Real will secure the future of 500 jobs at the store.
Renovation of the 120,000 sq ft store will begin in mid-2019.
Following the upgrade, HoF plans to welcome new luxury and contemporary brands to the site as part of Mike Ashley’s plans to turn the struggling department store chain into the “Harrods of the High Street”.
Michael Murray, head of elevation at Sports Direct, said: “This marks a significant moment in the turnaround of House of Fraser, and we are committed to investing and remodelling this popular store. The landlord was very proactive and reasonable, and as a result we will elevate and invest in the store in order to create Belfast’s first luxury department store.”
Since Sports Direct acquired HoF last August, 42 out of 59 stores have now had their leases extended.