Reading: Debenhams to shut Oracle store permanently
Debenhams, the department store, will not reopen its Oracle site in Reading post-pandemic. The store will remain closed along with four others - Croydon, Leicester, Birmingham and Glasgow.
Hammerson, which runs the Oracle, has already planned a replacement - with Next taking part of the space.
Hammerson announced that retailer Next is to launch a new The Beauty Hall from NEXT premium beauty retail format in five of its shopping centres, replacing Debenhams beauty halls.
Hammerson said Next would be taking the beauty hall floors for a "premium retail environment for Beauty, to complement the offer NEXT already carries through its Online Beauty business".
The Beauty Hall from NEXT will replace Debenhams’ beauty halls in Hammerson’s malls. Hammerson said it will also pursue opportunities to repurpose the other floors, as it continues to reduce the amount of department store space in its portfolio. The stores will be located at Bullring & Grand Central, Birmingham, The Oracle, Reading, Highcross, Leicester, Silverburn, Glasgow and Centrale in Croydon.
Hammerson added: "Health & Beauty has been one of the most resilient categories in retail in recent years, and is expected to return to growth when lockdown measures are eased. Physical retail is also the most popular channel for health & beauty purchases, as in-store advice is a crucial part of the shopper journey. Spend per head in the category is highest amongst the 25 – 44 year old age group, making it a key target sector for a number of brands."
Hammerson said its strategy to repurpose space let to department stores is "already well established" and in March 2020, it received planning consent to redevelop the House of Fraser store at the Oracle, Reading, with secured pre-lettings to leisure operators. The company has also announced that Ireland luxury retail store Brown Thomas is to replace the current House of Fraser unit in Dundrum Town Centre, Dublin.
Source: CoStar
