House of Fraser’s stores located within Intu shopping centres- Lakeside in Essex, Metrocentre in Gateshead, Norwich and Nottingham – will stay open following “constructive discussions” between Intu and Sports Direct (owner of House of Fraser).
Sports Direct’s Mike Ashley had previously accused Intu of being “unwilling to help retailers save stores and jobs” after the company had refused his requests for rent cuts.
Intu stated it has reached an “interim agreement” with Sports Direct regarding the stores.
The shops join other ‘saved’ branches including the iconic House of Fraser stores in Glasgow and Manchester, as well as the branches in Swindon and Hull, following negotiations with landlords.
Meanwhile, with shopping centre rents under increasing scrutiny and the seismic shifts in consumer shopping habits in news headlines, the Royal Institute of Chartered Surveyors (RICS) had advised valuers to be ‘aware of the potential for significant changes in value’ in retail properties.
Top: A view of House of Fraser Norwich.
