Mike Ashley’s Frasers continues expansion with move into former John Lewis site
Mike Ashley’s Frasers Group will move into the former John Lewis space at Invesco’s £202m shopping centre in Queensborough, as it pushes ahead with expansion plans.
The 92,500 sq ft site has been vacant for three years after John Lewis pulled out after almost four decades of trading.
Frasers will now fill the space with a new concept store featuring homeware and womens and men’s clothing, alongside a Sports Direct.
Micheal Murray, Ashley’s son-in-law who now heads up the retail powerhouse, has been pushing ahead with an elevation strategy for the business, which includes opening more flagship stores.
Revenue at the firm’s property division increased by 124.3 per cent in the first half of 2023 largely due to the acquisitions of the Luton and Dundee shopping centres and Coventry Arena.
Over the last year the brand was on the hunt for retail malls to fill with Mike Ashley’s brands and also deepening its ties with global suppliers such as Nike.
A report in The Times earlier this month, said Frasers was also mulling a bid for Sheffield’s Meadowhall shopping centre.
British Land and Norges Bank put the 1.4 million sq ft destination up for sale last year for a rumoured price of £740m.
Frasers arrival will also be seen as a boost for the city centre outlet, which last week announced that Marks and Spencer would close because of a change in customer shopping habits.
Invesco paid £202m for the site back in 2013 from shopping centre giant Hammerson.
City A.M has contacted Frasers Group for a comment.