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The Swedish giant plans to transform several floors of the flagship London site into a furniture store as part of a strategy to open more inner-city outlets. It is a much-needed vote of confidence for central London after tourist footfall was decimated by the pandemic. Ikea hopes to open the store in autumn 2023 after the planned launch of its other London store in Hammersmith. The property at 214 Oxford Street will have a selection of Ikea accessories and furniture.
There will also be a planning studio and the opportunity to buy items online.
Krister Mattsson, managing director of Ingka Investments, Ikea’s property-buying arm, said: “We are delighted to have signed this agreement for a property on one of Europe’s busiest shopping streets. It represents another opportunity to create a more accessible, affordable and sustainable Ikea for our customers. We firmly believe in the long-term value of the real estate market in London.”
Peter Jelkeby, country retail manager at Ikea UK & Ireland, said: “Even though online shopping continues to accelerate at a rapid pace, our physical stores 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 is an exciting step forward in our journey to becoming a more accessible Ikea.”
The West End store was put on the market after Arcadia Group tumbled into administration last year.
Administrators at Interpath Advisory said the transaction is expected to be completed in January.
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