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IKEA to open Oxford Street shop after buying out Topshop building for ‘£378 million’

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IKEA will soon be setting up shop in Oxford Street, as reports suggest the Swedish furniture giant has bought the branch of the old Topshop store.

It’s been reported that IKEA bought bought the building at 214 Oxford Street for ‘£378 million.’

It’s thought that Ikea will spread across the seven floors of the building.

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Speaking to the Financial Times, Krister Mattsson, who oversaw IKEA’s purchase praised the location.

They told the paper: “This is a top, top location and we very much believe in London and the UK in the long, long term.

“In the long run, we think it’s going to land in a good way here.”

Ikea

It is expected that the new IKEA store will not open in Oxford Street until 2023 at the earliest.

IKEA’s vote of confidence in the area comes at a crucial time.

In recent years, Oxford Street has lost big names like Debenhams and Gap, which has left developers and politicians scrambling for ways to keep people coming back.

One solution to the problem could be replacing vast shop floors with office space – but with more firms opting for home working – other ideas are needed to secure the street’s future.

Plans to turn the 1970s former Debenhams department store into flexible workspace were approved by Westminster Council in September.

John Lewis and Marks and Spencer have also made plans to make room for offices inside their flagship stores.

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Westminster City Council had hoped to boost visitors to Oxford Street by building its £6 million Marble Arch Mound and pedestrianizing 150 metres of the stretch.

The Tory-led council had planned to permanently introduce ‘piazzas’ – Italian-style pedestrianised squares – next to Oxford Circus station if the walking routes were successful.

But the plans were paused following the spiralling cost of the £6 million Marble Arch Mound, which has been dubbed “London’s worst tourist attraction”.

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https://www.mylondon.news/news/zone-1-news/ikea-open-oxford-street-shop-21970769