Historic House of Fraser store in London's Victoria to shut next year
One of the oldest department stores in central London will close next summer after trading for 150 years on its site in Victoria.
The former Army & Navy Stores site, which is now House of Fraser, will go the way of a number of major London department stores such as Dickins and Jones, Bourne & Hollingsworth, Swan & Edgar and – of course – Debenhams in closing for good.
The current 1970s building on Victoria Street will be demolished with news that Westminster Council is likely to approve the plans when they're considered on Tuesday. It will be replaced by a mixed use £750 million development including both offices and retail. However, the planned 16-storey scheme will only include up to 20 shop units, so offices will take up the majority of the space.
The closure won't happen immediately, with a break clause in the lease not due until next summer up to which point the store will continue to trade. A store in the location originally opened in 1872.
The HoF department store is currently paying no rent and the developer has said that current trends are shifting away from large department stores towards smaller and more flexible retail units.
The site is owned by BentallGreenOak, which bought it for £103 million in 2005.
Copyright © 2022 FashionNetwork.com All rights reserved.