UK: House Of Fraser Moves Into The Square Mile

House of Fraser, the UK department store group, today announced plans to open the City of London's first department store. The company has signed an agreement under which it intends, subject to planning permission, to create a store with approximately 55,000 square feet of selling space over five floors in the heart of the Square Mile.The store will front King William Street and look out over London Bridge. Due to open in 2002, the store will create more than 200 new jobs in the City.John Coleman, chief executive of the company, said today: "This is an imaginative development and our store will preserve the best character of the City of London externally while creating a contemporary store with exciting ranges of designer fashions both for those who work within the Square Mile and those who live in and around the City."The City of London has already demonstrated a strong demand for high quality retail and we believe our decision to develop this store will ensure the City's place as a genuine shopping destination. The City has an enormous catchment area, not only the tens of thousands who work there during the week but the large residential populations both north and south of the Thames who we believe will welcome the introduction of a top store on their doorstep."The company invested over £30m in new look stores offering extensive ranges of the latest designer fashions for men, women and the home at its Oxford Street, London and Guildford sites, both to be launched this Autumn, as well as a new store in High Wycombe.These follow the openings of House of Fraser's stores in Bluewater, Kent and in Reading last year, as well as the relaunch of the Barkers store in Kensington.