Fraser Group boss warns Glasgow institution could ‘diminish’ from the high street
The business are focusing on Frasers who are the group’s other brand with huge changes expected
House of Fraser is set to undergo dramatic changes with the boss of the high street store warning that the recognisable Glasgow shop could disappear from the high street altogether.
It has been a staple of Glasgow shopping having first opened in the city in 1849, but new plans could mean that the department store moves away from the model of having shops on the high street.
Speaking to the Telegraph, Chief Executive Michael Murray said: “House of Fraser was a broken business when we bought it. We’ve completely changed the operating model.
“It was mostly concession, the stores were way too big, they were under-invested. Our future vision is that House of Fraser will diminish and Frasers will grow.
“We’ve just been obsessing over really building what Frasers should be and working towards that answer.”
There are currently plans being considered by Glasgow City Council to give the Glasgow store on Buchanan Street a complete makeover with both the facade and inside being completely transformed in the plans.
Looking ahead to the new plans, managing director of premium and luxury at Frasers Group, David Epstein said: “Glasgow is a leading city for luxury retail, and we are looking forward to the prospect of opening our first Frasers flagship in this iconic building.
“We are investing significantly in the redevelopment of the site to create one of the most exciting new luxury retail destinations in Europe.
“In line with our elevation strategy, this will provide the group with the platform to collaborate with world-leading luxury brand partners and bring new innovative retail experiences to Glasgow.”