The new shop, which brings all of retail magnate Mike Ashley's brands together under one roof, will open in the former Debenhams building in the Mander Centre.
Frasers occupies the first and second floors of the 60,000 sq ft building, while an interlinked Sports Direct branch takes up the ground floor.
The designer goods outlet Flannels also takes up space on the top floor, and there is also gaming area called Belong where youngsters can compete against one another on computer games. There is also an Evans cycling shop on the ground floor.
A new luxury bar and restaurant is also included, although this will not open until coronavirus restrictions are lifted in the summer.
The company says the store, which is described as a multi-million investment in the city, will create an unspecified number of new jobs.
Michael Murray of Frasers Group described the opening of the store as a 'pivotal moment' for the group, which bought House of Fraser out of administration in August 18.
He said the store was a statement of the company's commitment to provincial towns and cities.
"Frasers Wolverhampton demonstrates our dedication to, and our vision for, the brand's future," he said.
"Not only are we opening brand-new flagship stores in some of the UK’s biggest cities, but we are also investing in elevated propositions in smaller towns like Wolverhampton setting the benchmark for regional retail and demonstrating the ambition and scale of our strategy.
"This new lifestyle proposition means residents of Wolverhampton no longer need to travel to Birmingham to seek the best luxury, fashion and beauty brands, and we hope they will welcome these much-needed additions to the city with open arms.”
Like the old Beatties, the store is entered through a beauty department, although the company is keen to stress that the experience is very different from how it was in the old store.
More than 120 brands will be on offer, from established brands such as Christian Dior, Clarins, NARS and MAC, to innovative newcomers such as Natasha Denona and Uoma, as well as a number of fashionable international brands.
Customers will be able to receive beauty treatments at desks in the middle of the floor, while the surrounding areas will be occupied by a regularly changing range of emerging brands.
"This space will change every two months," said a spokesman for the group.
"The problem with many of the traditional department stores is that they spent so much money creating these beautiful beauty halls, but they didn't actually change them for five years."
An independent advisor will offer consultations in a dedicated skincare area, and a 'hydration bar' will offer healthy drinks to complement skincare treatments.
In some departments customers will be able to avoid queues at the checkout by paying members of staff who are equipped with tablet computers.
On the top floor, the company has teamed up with a London-based restaurant operator to open a brasserie-style bar and restaurant, where customers will be able to take a break from their shopping trip and relax with a glass of champagne.
There is also a homewares department where customers can consult with an interior designer for advice.
The company said the new store had been designed so it could regularly be adapted to meet changing needs.