A conditional purchase agreement has been signed to acquire a property at 214 Oxford Street in London, Topshop London’s former flagship store.
The investment supports the transformation of Ingka Group’s retail business, bringing IKEA closer to customers by opening new IKEA store formats in city locations, in response to increasing urbanisation and new shopping behaviours. The property comprises a total of 22,200sq m over seven floors, with retail space on six floors. It will host IKEA UK’s second smaller store format and will follow the opening of IKEA Hammersmith later this winter.
Since 2019 Ingka Group has opened stores and shops in major cities such as Tokyo, Madrid, Moscow, Paris and New York as well as planning studios in Vienna, Barcelona, Berlin and Prague – bringing the IKEA home furnishing offer to many more people and always closely integrated with a digital customer experience.
Krister Mattsson, Managing Director of Ingka Investments, states:“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.”
The new store is planned to open in autumn 2023 and will have a focus on home-furnishing accessories, with the full range available to buy for home delivery. A conditional purchase contract for the property is now signed and the closing of the acquisition is expected in January.
