Ikea to open new Oxford Street location after buying iconic Topshop building

Brits were shocked earlier this year when Topshop closed its iconic Oxford Street shop, but it’s finally being taken over.

Ikea is buying the former flagship store in a £378million deal – meaning you’ll be able to take a tube to shop there.

The Swedish store will be opening its new London location in Autumn 2023 after the Arcadia Group collapsed last year.

It will mean three floors of the iconic building will sell furniture, home accessories, kitchen products and more.

The sale will complete in January after a conditional purchase contract was signed.

Another Ikea in Hammersmith, West London, is also set to open in the next few months.

Peter Jelkeby, the head of Ikea’s UK and Ireland business, said today physical stores “will always be an essential part of the Ikea experience” even though most items can be purchased online.

He added: “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 more accessible.”

Number 214 Oxford Street was previously the highlight of Sir Phillip’s empire which came to a close during the pandemic among other high street stores.

Oxford Street sees millions of shoppers every year from the UK and abroad.

Krister Mattsson, managing director of Ikea owner Ingka Investments, stated that she was “delighted with the agreement for a property on one of Europe’s busiest shopping streets.”

Krister added: “It represents another opportunity to create a more accessible, affordable and sustainable Ikea for our customers.”

The move will see the sell-off of Arcadia Group assets completed and will see Ikea have 23 stores open across the UK.

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