Ikea unveils plans for former Topshop site on Oxford Street, with new furniture store and restaurant coming soon
UK boss of Ikea has revealed plans to open a new store where Topshop’s massive Oxford Street flagship is located, after a £ 378million swoop for the site was inked .
The investment arm of the company behind Ikea has entered into a conditional purchase agreement and added that it believes “in the long-term value of the London property market” by upholding the property deal.
Ikea UK & Ireland is part of the Ingka group, of which Inga Investments has said part of the vacant space will be used by the Swedish furniture chain.
Peter Jelkeby, National Retail Director and Sustainability Director, Ikea UK & Ireland, told the Evening Standard: “We believe this will complement the rest of our London network, and I also believe we will complement Oxford Street. “
He said there will be some 5,000 products on display, of which nearly 2,200 will be goods such as furniture and accessories that can be taken home the same day. There will also be home delivery available for other items, and design teams available to talk.
A restaurant where the chain will also sell its famous meatballs alongside other dishes will also be on site. Jelkeby told Standard.
In a statement, Jelkeby said separately: “Even as online shopping continues to accelerate at a rapid rate, our physical stores (large and small) will always be an essential part of the IKEA experience – as places to go. inspiration and expertise, community and commitment. “
There is 239,000 square feet in total for retail and office space at the latter site, alongside current long-term tenants NikeTown and Vans.
It is much smaller than the traditionally larger branches of Ikea.
The huge West End site was previously home to fashion company Topshop, but the company’s parent company, retail mogul Sir Philip Green’s Arcadia Group took office at the end of the year. last. The store once welcomed 400,000 customers through its doors every week.
This division of KPMG has since been sold and is now known as Interpath Advisory.
Ed Boyle, Managing Director of Interpath Advisory, said: “We are delighted to have exchanged contracts on this iconic property, which sits in the heart of London’s main shopping district. As shoppers, workers and tourists return to central London after the pandemic, Ikea’s presence at Oxford Circus will help further increase footfall and give the retail sector a real boost. detail of the city. “
Krister Mattsson, Managing Director of Ingka Investments, said the latest agreement “represents another opportunity to create an Ikea that is more accessible, affordable and sustainable for our customers.”
He added: “This property offers great potential for commercial space, and we strongly believe in the long term value of the London property market.”