Ikea coming to Oxford Street after buying Topshop store
The company plans to open Ikea Oxford Street in autumn 2023
Ikea has announced it's buying the former Topshop flagship store on London's Oxford Street for ÂŁ378 million.
The company plans to open Ikea Oxford Street in autumn 2023, following the planned launch of its Hammersmith store later this winter.
Country retail manager Peter Jelkeby 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.
"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 and an exciting step forward in our journey to becoming a more accessible Ikea."
The 214 Oxford Street property will feature Ikea's smaller format store bringing accessories, furniture and a planning studio to central London shoppers.
The new Ikea store will cover roughly a third of the building's 22,200 square metres over seven floors.
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.
Previously, the West End store had been home to Sir Philip Green's flagship Topshop site.
However, it was put on the market after parent firm Arcadia Group tumbled into administration last year.
Administrators at Interpath Advisory said the transaction is expected to complete in January.
Managing director at Interpath Ed Boyle said: "We are delighted to have exchanged contracts on this iconic property, which sits at the cornerstone of London's principal retail district.
"As shoppers, workers and tourists return to central London following the pandemic, Ikea's presence in Oxford Circus will help further boost footfall and provide a real fillip for the city's retail sector."