Fenwick is in talks to take on the soon to be vacated House of Fraser store in Guildford.
The department store chain is understood to be in negotiations to take on the 180,000sq ft unit, CoStar reported. The store is currently on a lease due to expire in 2039.
It comes as House of Fraser revealed earlier this week it would be shuttering its Solihull and Guildford branches at the end of the month.
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Fenwick, which has nine stores across the UK, is set to close its New Bond Street store after 130 years of trading in early 2024.
The retailer said the £430m sale will help fund investments in the rest of its store estate, including its flagship stores in Kingston-upon-Thames and Newcastle.
“Decisions like this are always difficult but it is absolutely the right thing for the business,” Chairman Simon Calver said.
“This was about what we need to do to ensure the business is on a really strong financial footing and can survive for another 140 years.”
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