What: House of Fraser may disappear from the high street as part of a major rebranding effort, according to CEO Michael Murray.

Why it is important: Murray stated that House of Fraser was a failing business that needed significant changes in its operating model.

The company plans to move away from the traditional department store model and focus on a premium concept filled with its own brands and it intends to downsize some of its larger stores, as most department stores could achieve the same turnover in half the space.

Frasers Group, the parent company, has seen a significant increase in profits— from GBP 335.6m last year to GBP 660m—  due to its diverse range of brands and focus on capturing a younger demographic.

House of Fraser could vanish from high street