Ikea buys landmark Topshop constructing
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As part of a strategy to open inner-city outlets, the Swedish giant Ikea will turn several floors of the huge Oxford Street site into a furniture store as a tenant.
Ikea noted that despite the growth in online sales, in-person business continues to matter.
Peter Jelkeby, retail manager for Ikea UK & Ireland, said societies are seeing big changes in the way people live and shop, including increasing online sales and a desire for more local outlets.
Ikea is famous for its huge warehouses outside the city. The brand has been testing inner-city formats across Europe for more than two years. “Even if online shopping continues to accelerate, our stores – large or small – will always be an integral part of the Ikea experience,” says Jelkeby.
“Bringing Ikea to the heart of Oxford Street is a direct response to these social changes and an exciting step in our journey towards becoming more accessible,” he added.
The new store is scheduled to open in autumn 2023 and will focus on home accessories, with the entire range being delivered to your home for purchase.
In 2019, the company opened its first inner-city outlet in Paris. The company also has downtown locations in New York, Tokyo and Madrid, with branches planned in Vienna, Barcelona, Berlin and Prague. Ikea currently has 22 stores in the UK.
A conditional purchase agreement for the property is now being signed, the final details are expected to be completed in January.