Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

IKEA buys former Topshop flagship store in central London for $520 million

10/26/2021 | 09:31am EST
People walk past 214 Oxford Street, the former flagship store of British fashion chain Topshop, that has been purchased by the Swedish furniture brand IKEA

STOCKHOLM (Reuters) -IKEA, the world's biggest furniture brand, has agreed to buy the iconic former flagship store of British fashion chain Topshop in central London from the administrators of bankrupt owner Arcadia Group, part of its push to open inner-city outlets.

Krister Mattsson, head of the investment arm of Ingka Group which owns most IKEA stores, told Reuters that three floors of the seven-storey building on Oxford Street, which it is buying for £378 million ($520 million), would be turned into an IKEA store due to open in the summer or autumn of 2023.

"This is a very good fit into our strategy. This is a meeting place - it's one of the best spots for visitation in Europe, with amazing numbers of people passing by every week," Mattsson, managing director of Ingka Investment, said in an interview.

IKEA has tweaked its strategy in recent years towards adding inner-city store formats besides its giant out-of-town warehouse stores to reflect changing shopping behaviour.

It opened its first inner-city full-range store in Paris in 2019. Its first centrally located store in London is due to open in the coming months, in the borough of Hammersmith.

"The investment supports the transformation of Ingka Group's retail business, bringing IKEA closer to customers," Ingka Investments said in a statement.

Mattsson said the Oxford Street store would be IKEA's biggest inner-city format store to date.

Ingka Investments and IKEA's shopping malls arm Ingka Centres are scouting for suitable centrally located properties across major cities in Europe and North America. Milano, Rome and Berlin are high on the agenda for Ingka Investments, Mattsson said.

He said there had been several bidders for the Oxford Street property. Overall in the segment where IKEA is looking to buy, interest from both institutional investor and other retailers was increasing alongside consumers' return to stores, he said.

($1 = 0.7272 pounds)

(Reporting by Anna Ringstrom; Editing by Jan Harvey)

By Anna Ringstrom


ę Reuters 2021
Latest news "Economy & Forex"
04:40aCENTRAL BANK OF KUWAIT : CBK and CMA Launch an Awareness Campaign on Crypto Assets
PU
04:34aCOVID booster advice should come imminently, says UK minister
RE
04:20aNOC NATIONAL OIL : Harouge Oil Operations.... An Open Invitation to Tender No (33/2021) For supply , installation , commissioning of new power supply 480 v board at Amal field.
PU
03:51aBritain needs French cooperation to tackle Channel migrant crisis, says health minister
RE
03:51aUk health minister javid says pm boris johnson will lead conservatives in next election
RE
03:47aUk health minister javid says we do need the cooperation of the french to stop channel crossings
RE
03:40aUK expects to receive COVID booster advice imminently, says health minister
RE
03:30aPRESIDENT OF REPUBLIC OF AZERBAIJAN : Ilham Aliyev attends the15th Summit of Economic Cooperation Organization in Ashgabat
PU
02:50aActivities of Uzbek-Kyrgyz Development Fund were discussed
PU
02:50aGOVERNMENT OF REPUBLIC OF UZBEKISTAN : Uzbekistan and Kazakhstan aim at accelerating the development of interregional cooperation
PU
Latest news "Economy & Forex"