House of Fraser has announced that it will unveil its new Frasers luxury department store concept in the Mander Centre in Wolverhampton.
The private equity real estate firm that manages the shopping centre, Benson Elliot, said the deal pertains to the 94,000 sq ft store space that is currently occupied by Debenhams.
Frasers will move in to begin the new look refit as soon as Debenhams vacates the space in early 2020, which is closing as part of its major company voluntary arrangement (CVA). The multi-level store will become home to Frasers, Flannels, Sports Direct and USC brands.
Mike Ashley, who owns Sports Direct and House is Fraser, is planning to turn 31 branches into a luxury mini-chain under the Frasers name over the next five years, starting with five in 2020. The chain will target customers around the age of 30 and will have pop-up concessions for new brands, as well as stocking high-end brands including Gucci and Paul Smith.
The Frasers stores will open on the sites of existing HoF units and on some new sites, including one in Liverpool that is currently under development. The group is preparing to invest millions into the chain, in return for a three-year rent-free period.
Michael Murray, head of elevation at Sports Direct International said: “We are really proud to have secured this retail destination in the heart of Wolverhampton and look forward to bringing our new elevated multi-brand concept to the Mander Centre in 2020.”