Ikea to Open New Store on Oxford Street’s Topshop Site

Ikea plans to open a new Oxford Street store next autumn. The Swedish furniture giant has bought the street’s former Topshop store for an estimated £378m.

The new 100,000 sq ft site will focus on homeware accessories including lamps and curtains as well as featuring room sets and design ideas. There will also be a cafe. The deal includes the purchase of the adjacent Nike Town and Vans stores and will complete in January.

According to Peter Jelkeby, head of Ikea in the UK and Ireland, the purchase is part of a plan by the iconic brand to move into city centres, in an effort to broaden its appeal. He 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.”

Peter Jelkeby, Head of Ikea UK

Once the highlight of every teenager’s Saturday shopping trip, the closure of the flagship Topshop store followed the collapsed into administration of Philip Green’s Arcadia group last November.

Ikea’s move into one of Oxford Street’s most prominent locations, is part of a general reshaping of the UK’s premier high street. It follows the closure of other large stores including Debenhams and Gap and announcements by Marks & Spencer and John Lewis that they intend to turn store space into offices.

Read more about this story in The Guardian.