The new boss of Sports Direct insists Britain’s high streets are far from dead, as it unveiled plans to open up to 10 new flagship stores.
Michael Murray, aged just 32, has replaced billionaire Mike Ashley - his future father-in-law - as chief executive of Frasers Group.
In his first interview in the job, he told the BBC that Mr Ashley was “not pulling the strings”.
He also warned costs were “going through the roof” so the retailer was likely to put up prices.
Mr Murray, who is engaged to Mr Ashley's daughter Anna, said he believed our high streets were not “dead”, but that they would be “different”.
He explained: “I believe if you give people a reason to come and shop, they will shop. They’ve just not had a reason for the past few years.”
He also said Mr Ashley was a “genius of his generation” but that the business needed a “different type of genius and a different type of mindset what takes us forward into the next generation”.
Mr Murray was interviewed ahead of the opening of Sports Direct’s new Birmingham store, which is spread over four floors.
“It’s cost more than £10million. It’s a huge investment in the high street,” Mr Murray said.
Do you think the future holds for UK high streets? Let us know your thoughts in the comments below.
It follows the unveiling of Sports Direct’s new look store on London’s Oxford Street.
Mr Murray said there was room for up to 10 of the big regional, experiential stores.
Before taking over from Mr Ashley, he worked as Frasers’ “head of elevation” and has taken taken home more than £10billion in earnings from the company in recent years.
His predecessor Mr Ashley, from Burnham, Buckinghamshire, founded Sports Direct as a single store in Maidenhead in 1982 and is now worth £3billion with almost 1,000 stores.
He remained the company's sole owner until a 2007 stock market floatation, when he also sold a portion of the company and pocketed $1.8billion.
Later that year, upon becoming a billionaire, Ashley paid £135million for Newcastle Football Club.
His retail business Frasers Group has also seen its empire rocket since the start of the pandemic, rescuing household names including Evans Cycles, Game, Jack Wills, Flannels and House of Fraser, from administration.
The business announced three new Flannels department store openings last year in Sheffield, Leicester and Liverpool.
Mr Ashley saw his wealth rise by almost £1billion during the pandemic. He will still hold significant shares in the company even after his son-in-law has taken over.
