IKEA are reportedly close to striking a deal to take over the former Topshop store in London's Oxford Street. The flagship store is one of the most recognisable shopping destinations in Oxford Circus, and was occupied by Topshop until the company that owns the famous clothing brand went into administration last year.
IKEA is a staple brand for contemporary home decorating, and the growing popularit of IKEA hacks has revolutionised the way we shop for furniture over the past few decades. The retail giant, until recently, was synonymous with vast out-of-town shopping centres, but has been experimenting with town centre pop-up shops in London and Coventry.
All of these town centre ventures were forced to close because of the pandemic, but IKEA has confirmed that it was 'exploring different formats and locations as part of a new city centre approach.' While declining to comment on the specific deal that would see it take over the Oxford Street store, IKEA's move into central urban locations is part of the retailer's wider reinvention strategy. 'We are on a journey to create a new IKEA that is even more affordable, accessible and sustainable', an IKEA spokesperson said.
The Oxford Street location, which would see the brand take over not only the Topshop space, but also the adjacent Nike flagship store, would land IKEA in the same area of Oxford Street as the original Selfridges store and the upmarket fashion brand stores of Regent Street.
It is believed that IKEA has fought hard for the sight, seeing off tough competition from H&M and a property investor. It is also reported that the sale has been agreed for a sum in the region of £385 million and will pay off the £312-mliion mortgage that was taken out for the building in 2019.
The sale will complete the selling off of the Arcadia Group assets following its collapse in 2020. Sir Philip Green's retail empire included Topshop, Dorothy Perkins, and Burton. The Oxford Street Topshop alone had over 400,000 visitors a day at the height of its popularity. The store had been open since 1994 and was one of Green's main assets. If IKEA does move in, we can't wait to see what their central London store will look like.
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