House of Fraser steps up revamp of store portfolio
High Wycombe store to anchor town center development
November 4 2003
House of Fraser today has announced plans for a new store as part of the redevelopment of High Wycombe town centre.
The 140,000 sq ft anchor store for the UK department store chain is part of a major facelift for the Buckinghamshire town which includes 360,000 sq ft of retail space, along with leisure developments and a new library.
House of Fraser has also confirmed that it is to close its store in Inverness, Scotland in January next year, in addition to the planned closure of its store in Paisley, Glasgow. The Inverness store is being sold to developers.
HoF chief executive John Coleman said: “Securing this important site in High Wycombe is great news for House of Fraser as we continue to roll out our store portfolio development programme. We look forward to playing a full part in the life and development of the town.
“The closure of our store in Inverness is in line with our strategy. The store will continue to trade through the Christmas period, closing at the end of January. I would like to thank all our staff in Inverness for their contribution.”
Having sold stores in Perth, Aberdeen and Dundee last year, the two Scottish closures will reduce HoF’s presence north of the border to it Edinburgh and Glasgow stores.
The High Wycombe store adds to a development programme over the next four years which includes new stores in Croydon, Dublin, Norwich and Belfast, and the resiting of the Maidstone store.
HoF has recently opened stores in Nottingham, Bluewater, Reading, Bristol and the City of London.
Coleman said: “Our success to date reinforces our confidence in our store strategy and we believe that it will continue to deliver results going forward.”
The announcement comes as the City awaits the development in any takeover or merger move for HoF. Icelandic retailer Baugur has recently raised its total holding in HoF to 10 per cent, while Scottish entrepreneur Tom Hunter, a previous suitor, holds 11 per cent.
Scarlett Retail, led by Terry Green and owner of the rival Allders chain, is known to be keen to pursue merger talks with HoF.
