What: House of Fraser is to close its flagship store on London’s Oxford Street in January, in the latest blow to the UK’s prime high street.

Why it’s important: The building’s owners, the German Conle family, will be redeveloping the site into six floors of offices with retail on the ground floor, a pool and gym in the basement, and a rooftop restaurant. However, it is understood House of Fraser will go back into a smaller part of the building once the revamp is complete.

House of Fraser to close London flagship store