{"id":183883,"date":"2021-10-26T12:29:19","date_gmt":"2021-10-26T11:29:19","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=183883"},"modified":"2022-02-25T12:28:54","modified_gmt":"2022-02-25T12:28:54","slug":"ikea-confirms-purchase-of-former-topshop-oxford-street-store-in-378m-deal","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/ikea-confirms-purchase-of-former-topshop-oxford-street-store-in-378m-deal\/","title":{"rendered":"Ikea confirms purchase of former Topshop Oxford Street store in \u00a3378m deal"},"content":{"rendered":"<p><strong>Ikea has confirmed it is buying the former Topshop flagship store on London\u2019s Oxford Street for \u00a3378 million.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>It now plans to open Ikea Oxford Street in autumn 2023, following the planned launch of its Hammersmith store later this winter.<\/p>\n<p>The 214 Oxford Street property will house Ikea\u2019s smaller format store with a selection of its<strong> accessories, furniture and a planning studio across roughly a third of the building\u2019s 22,200 square metres<\/strong> over seven floors.<\/p>\n<p>Krister Mattsson, managing director of Ingka Investments, Ikea\u2019s property-buying arm, said: \u201cWe are<strong> delighted to have signed this agreement for a property on one of Europe\u2019s busiest shopping streets<\/strong> and it represents another opportunity to create a more accessible, affordable and sustainable Ikea for our customers.<\/p>\n<p>\u201cThis property offers <strong>great potential for retail space, and we firmly believe in the long-term value of the real estate market in London<\/strong>.\u201d<\/p>\n<p>Peter Jelkeby, country retail manager and chief sustainability officer at Ikea UK &amp; Ireland, said: \u201cEven though online shopping continues to accelerate at a rapid pace, <strong>our physical stores (large and small), will always be an essential part of the Ikea experience<\/strong> \u2013 as places for inspiration and expertise, community and engagement.<\/p>\n<p>\u201cBringing Ikea to the heart of Oxford Street \u2013 one of the most innovative, dynamic and exciting retail destinations in the world \u2013 is a direct response to these societal shifts and <strong>an exciting step forward in our journey to becoming a more accessible Ikea.<\/strong>\u201d<\/p>\n<p>The West End store had been home to Sir Philip Green\u2019s flagship Topshop site but was put on the market after parent firm Arcadia Group tumbled into administration last year.<\/p>\n<p>Administrators at Interpath Advisory said the transaction is expected to complete in January.\u00a0Ed Boyle, managing director at Interpath and joint administrator, said:\u00a0\u201cWe are delighted to have exchanged contracts on this iconic property, which sits at the cornerstone of London\u2019s principal retail district.<\/p>\n<p>\u201cAs shoppers, workers and tourists return to central London following the pandemic,<strong> Ikea\u2019s presence in Oxford Circus will help further boost footfall and provide a real fillip for the\u00a0city\u2019s retail\u00a0sector.<\/strong>\u201d<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":183885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,20823,10494],"tags":[11120,14531,4000,9665],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ikea confirms purchase of former Topshop Oxford Street store in \u00a3378m deal - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Ikea has confirmed it is buying the former Topshop flagship store on London\u2019s Oxford Street for \u00a3378 million. 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