Sports Direct has its sights set on the iconic 350,000 square foot House of Fraser building in Glasgow. The deal could be worth up to £95 million.
They have promised that the site will be turned in to the ’Harrods of the North’, which will keep 800 people in jobs.
The deal is set for completion by 2020. In the meantime the store will still trade as Frasers.
Michael Murray, head of elevation for the new owners, said: "We are overwhelmed and proud to own such an iconic destination.
"Acquiring the freehold enables us to elevate and invest in the store in order to partner with a broad range of luxury brands in future. This is fantastic news for all parties."
Susan Aitken, leader of Glasgow City Council, said: "Glasgow is the country's number one retail centre after London - and the House of Fraser store on Buchanan Street is a city institution, much loved by generations of Glaswegians.
"A major investment on this kind of scale is a clear vote of confidence in Glasgow; and credit must also go to hundreds of Fraser's staff, who are absolutely integral to the business' success and its enduring popularity with city shoppers."
