IKEA buys former Topshop retailer in London’s Oxford Circus | Enterprise Information

The world’s largest furnishings model is shopping for Topshop’s former flagship retailer in London.

The shop was left empty after the style chain’s homeowners on the time, Arcadia Group, collapsed into administration in December 2020.

However on Monday, Ingka Investments – which owns most of IKEA’s shops – stated it needed to reopen the location within the autumn of 2023, creating 150 jobs.

A man walks past the Topshop flagship store at Oxford Circus, London
Topshop’s flagship retailer at Oxford Circus, London, will quickly be taken over by IKEA

In an announcement, Krister Mattsson, managing director of Ingka Investments, stated: “We’re delighted to have signed this settlement for a property on one in all Europe’s busiest buying streets and it represents one other alternative to create a extra accessible, reasonably priced and sustainable IKEA for our prospects.

“This property gives nice potential for retail house, and we firmly imagine within the long-term worth of the true property market in London.”

The corporate confirmed a conditional buy settlement had been signed to purchase the location for £378m, including that a part of the constructing’s six flooring of retail house could be utilized by IKEA.

The transfer is according to a change in IKEA’s technique – shifting from massive warehouse-like retailers on city and metropolis outskirts to inner-city properties to cater to altering shopper behaviour and growing urbanisation.

Peter Jelkeby, nation retail supervisor and chief sustainability officer at IKEA UK & Eire, stated: “At this time we’re seeing societal modifications which have developed buyer behaviours and the retail trade as an entire.

“Huge international actions in expertise, demographics, urbanisation and environmental consciousness have brought about vital waves of change in the best way we stay and store.

“Though on-line buying continues to speed up at a speedy tempo, our bodily shops (massive and small!), will all the time be a necessary a part of the IKEA expertise – as locations for inspiration and experience, neighborhood and engagement.

“Bringing IKEA to the guts of Oxford Road – probably the most modern, dynamic and thrilling retail locations on the planet – is a direct response to those societal shifts and an thrilling step ahead in our journey to changing into a extra accessible IKEA.”

The brand new retailer will concentrate on house furnishing equipment, with the complete vary available for purchase for house supply, IKEA stated.

The closing of the acquisition is predicted in January.

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