IKEA will be moving in to Topshop's former flagship store on Oxford Street.
Claiming one of the most prominent spots on London's most famous shopping street, the £378 million deal creates a new central London home for the Swedish furniture brand.
Despite the high street being hard hit during the pandemic and numerous stores closing or consolidating their store portfolios, IKEA is pushing forward with plans to expand its city stores.
Peter Jelkeby, retail manager at IKEA UK and Ireland, explains: '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.
'Bringing IKEA to the heart of Oxford Street – one of the most innovative, dynamic and exciting retail destinations in the world – is a direct response to these societal shifts.'
What will IKEA sell in this new store?
The former Topshop flagship store at 214 Oxford Street, which is adjacent to Oxford Circus station, is 9,290 sq metres (100,000 sq ft). There will be some 5,000 products on display, with more than 2,000 being home furnishing accessories that can be bought and taken home on the day. The full furniture range will be available to buy for home delivery. Additionally, IKEA's famous meatballs will also be available at a cafe within the store.
When will the new store open?
IKEA's parent company Ingka Investments has signed a conditional purchase agreement to buy the long leasehold on the building which includes the now vacant Topshop store. The deal will be completed in January 2022 but the IKEA store won't be open until autumn 2023, so there's a while to wait.
Is the nearby mini IKEA store on Tottenham Court Road still open?
Unfortunately it's no longer open. The IKEA Tottenham Court Road Planning Studio, which specialised in kitchens and bedrooms, opened in October 2018. However, after 'careful evaluation', IKEA Tottenham Court Road permanently closed its doors on 16th July 2021.
Where else can I find an IKEA store in London?
In Greater London, IKEA's physical stores include:
IKEA is also opening a micro store in Hammersmith within the Kings Mall Shopping Centre. It was due to open in spring but is now expected to open this winter.
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