Ikea to take over former Topshop flagship store in London

Swedish homeware giant, Ikea, has taken on Topshops’ former flagship store on Oxford Street, London, paying £378 million for the iconic retail site in a transaction due to be completed in January 2022.

The new London store is scheduled to open in autumn of 2023 and follows the already planned launch of a store in Hammersmith later this year. The 214 Oxford Street building will be in Ikea’s smaller store format, stocking a range of furniture and accessories, plus a planning studio, over around a third of the 22,300 square metres of space across seven floors.

The presence of Ikea close to Oxford Circus should provide a welcome footfall boost to the London retail scene, which has suffered from a swathe of shop closures and business administrations during the pandemic.

The managing director of Ikea’s property-buying arm, Ingka Investments, said: “We are delighted to have signed this agreement for a property on one of Europe’s busiest shopping streets and it represents another opportunity to create a more accessible, affordable and sustainable Ikea for our customers. This property offers great potential for retail space, and we firmly believe in the long-term value of the real estate market in London.”

Peter Jelkeby, country retail manager and chief sustainability officer at Ikea UK & Ireland, said: “Even though online shopping continues to accelerate at a rapid pace, our physical stores (large and small), will always be an essential part of the Ikea experience – as places for inspiration and expertise, community and engagement.

“Bringing Ikea to the heart of Oxford Street – one of the most innovative, dynamic and exciting retail destinations in the world – is a direct response to these societal shifts and an exciting step forward in our journey to becoming a more accessible Ikea.”

Ikea has also opened up shops in Madrid, Moscow, New York, Paris and Tokyo over the past couple of years.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on email
Email

Leave a Comment

Your email address will not be published. Required fields are marked *

Related Articles
Latest Stories

Free G-spotted newsletter subscription