Ikea buys Oxford Street site for £378m

Ikea has agreed to buy the former Topshop flagship store on London’s Oxford Street for £378m.

It says it plans to open a store in the building in autumn 2023, focussing on furnishing accessories. The full furniture range will be available to buy for home delivery.

As well as the 100,000sqft former Top Shop store the building is home to Nike Town and Vans stores, which will remain.

The deal is expected to be concluded in January.

‘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,’ says Peter Jelkeby, Ikea UK and Ireland head.

The deal is an ‘opportunity to create a more accessible, affordable and sustainable Ikea for our customers. This property offers great potential for retail space, and we firmly believe in the long-term value of the real estate market in London, says Krister Mattsson, Ingka Investments md.

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