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. 'This property offers great potential for retail space, and we firmly believe in the long-term value of the real estate market in London.' Krister Mattsson, managing director of Ingka Investments, Ikea's property-buying arm, 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. The 214 Oxford Street property will now have Ikea's smaller format store with a selection of its accessories, furniture and a planning studio across roughly a third of the building's 22,200 square metres over seven floors. The West End store had been home to Sir Philip Green's flagship Topshop site but was put on the market after parent firm Arcadia Group tumbled into administration last year. It now plans to open Ikea Oxford Street in autumn 2023, following the planned launch of its Hammersmith store later this winter. Since 2019 Ikea has opened shops in major cities such as Tokyo, Madrid, Moscow, Paris and New York to grow its presence on busy high streets. The deal has been seen as a much-needed vote of confidence for central London, which has seen tourist footfall decimated by the pandemic.
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#Street takeover full#
Ikea told MailOnline the store will feature smaller items across six floors, with the full range available to order for delivery. Having operated as the Peter Robinson department store and an outlet for fellow retailer Burton in the 60s, it was eventually taken over by Topshop in 1965.
#Street takeover series#
The building dates back to the 19th century, when it was occupied by a series of narrow shops backing onto a back alley, before it was damaged and covered up with advertising during the Second World War. One social media user posted a picture of Ross Geller famously struggling to move a sofa upstairs in US sitcom Friends, along with the caption: 'Really looking forward to lugging my new IKEA purchases home from Oxford Street.'Īnother added: 'Why would you put an IKEA on Oxford Street?! Who in their right mind is buying a bookcase and dragging it home on the tube!' While some hailed it as a shot in the arm for Britain's ailing high streets, others questioned the logic of a flat-pack furniture store in central London's iconic shopping destination, without any space for car parking.
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Ikea is buying the former Topshop flagship store on London's Oxford Street for £378 million - but the news was met with a mixed reaction from bemused shoppers today.