We collect cookies to analyze our website traffic and performance; we never collect any personal data. Cookie Policy
Accept
The Tycoon Herald
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Reading: Topshop No More As IKEA Buys Iconic Oxford Street Flagship
Sign In
The Tycoon HeraldThe Tycoon Herald
Font ResizerAa
Search
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© Tycoon Herald. All Rights Reserved.
Topshop No More As IKEA Buys Iconic Oxford Street Flagship
The Tycoon Herald > Business > Topshop No More As IKEA Buys Iconic Oxford Street Flagship
Business

Topshop No More As IKEA Buys Iconic Oxford Street Flagship

Tycoon Herald
By Tycoon Herald 6 Min Read Published October 26, 2021
Share
SHARE

Out with Topshop, in with IKEA on Oxford Street, London transformation. (Photo by David … [+] Cliff/NurPhoto via Getty Images)

NurPhoto via Getty Images

The owner of furniture retail giant IKEA has this morning bought Topshop’s former flagship store on Oxford Street, creating a headline-grabbing London West End home for the Swedish mega-brand.

Contents
IKEA Plans Fall Oxford Street StoreOxford Street Long In Decline

The move reflects the ongoing change in direction for IKEA – which has begun building out an urban format store portfolio across Europe – and the final death throes of one of the U.K.’s most influential and, at one time, successful, fashion groups.

The Topshop flagship sits on the iconic crossroads of Oxford Street and Regent Street at the very heart of London’s West End shopping district and was also once the flagbearer for billionaire Sir Philip Green’s retail empire. The circa $523 million sale to IKEA had been widely rumored for some weeks and the deal to buy the leasehold on the building, which encompasses the 100,000 sq ft former Topshop store, London’s famous Nike Town store and a Vans footwear store, should complete in January.

This deal also brings to a conclusion the asset sell-off of Green’s Arcadia Group fashion empire, which ignominiously fell into administration in November last year, amid the maelstrom of the pandemic and after years of declining sales across his multiple fashion brands.

Green, once seen a luminary within the British retail scene, has been widely criticised for the financial rewards he and his wife have received from the now defunct retail groups he once spearheaded and for the financial health of the pension funds for staff at those businesses.

IKEA Plans Fall Oxford Street Store

IKEA said of the acquisition that it plans to open its Oxford Street store in Fall 2023, focusing on homewares and accessories, while the retailer’s full range of furniture will also be available for home delivery. This represents the most significant step yet in its increasing focus on urban locations, with one of those an IKEA-anchored lifestyle centre in nearby Hammersmith, west London.

MORE FOR YOU

Funds from the deal will go towards paying off the $431 million mortgage taken out on the building in 2019 with hedge fund Apollo Global Management APO , while about $55 million is expected to be directed to help fill an estimated $415 million hole in Arcadia’s pension fund at the time of the group’s demise.

IKEA is switching focus across Europe toward smaller, urban format stores. (Photo by Dave … [+] Rushen/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Announcing the acquisition, IKEA’s U.K. and Ireland business, Peter Jelkeby, 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. 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 and an exciting step forward in our journey to becoming more accessible.”

Oxford Street Long In Decline

The new, high profile tenant in a welcome boost to a retail street that has suffered hugely during the pandemic, after some previous years of decline. Department store chain Debenhams has also closed down, while both Marks & Spencer and John Lewis intend to convert some of their store space to offices, downsizing their retail offer.

Department store Debenhams is one of numerous store losses along Oxford Street. (Photo by Dan … [+] Kitwood/Getty Images)

Getty Images

Some agents estimate that there are currently around 85 vacancies out of the circa 350-400 stores that line Oxford Street and there are plans for the junction upon which IKEA will sit to be transformed into two car-free piazzas with trees and seating, led by Westminster City Council and the Crown Estate, with an international design competition held by the Royal Institute of British Architects.

The project forms part of a wider redesign of Oxford Street, responding to changing shopping and working habits, hastened by the pandemic, a need for greener public spaces and the arrival of the new Elizabeth Line metro route.

Jace Tyrrell, chief executive of the area’s business district organization New West End Company, said: “We predict that around a third of the retailers along Oxford Street will be different within the next five years”, while he believes that the future strategy has to be “pedestrian first, because everyone wants clean air.”

Krister Mattsson, managing director of Ingka Investments, the real estate arm of IKEA’s parent group, said the acquisition of the store was an “opportunity to create a more accessible, affordable and sustainable IKEA for our customers”.

“This property offers great potential for retail space, and we firmly believe in the long-term value of the real estate market in London,” he said.

You Might Also Like

Russia for Business: Experts Who Help Drive Decisions

The Quiet Shift in America’s Workforce: Why Side Hustles Are Becoming Essential for Women Over 40

Joseph Safina’s Driven Becomes Amazon Bestseller, Blending High Finance with High Speeds

Fashion Designer Hyeonseo Irene Park: Redefining Menswear Through Originality and Collaboration

From Pattaya to the World: Bryan Flowers’ Unstoppable Rise as a Global Entrepreneur

TAGGED:Real EstateThe Forbes Journal
Share This Article
Facebook Twitter Email Copy Link Print
Steven Gerrard turns down Rangers return after talks as Ibrox membership search new head coach following Russell Martin sacking
Sports

Steven Gerrard turns down Rangers return after talks as Ibrox membership search new head coach following Russell Martin sacking

Steven Gerrard won't return as Rangers head coach after stepping away from talks to succeed Russell Martin, Sky Sports activities Information understands.Rangers held open and constructive discussions with Gerrard on…

By Tycoon Herald 3 Min Read
Kylie Jenner Stuns In Leather-based Pants, Crop High
October 11, 2025
Rhea Ripley’s Sizzling Pictures for Her twenty ninth Birthday
October 11, 2025
Ladies’s Cricket World Cup: England’s Sophie Ecclestone challenged to ‘make her mark’ by Nat Sciver-Brunt
October 11, 2025
Lostprophets Singer Ian Watkins Killed In Jail Assault
October 11, 2025

You Might Also Like

Astana International Forum 2025: “Connecting Minds, Shaping the Future”
BusinessTrending

Astana International Forum 2025: “Connecting Minds, Shaping the Future”

By Tycoon Herald 3 Min Read
Investment success: GP Fatih Marketing Research Co LLC and the gold dream in Africa
BusinessTrending

Investment success: GP Fatih Marketing Research Co LLC and the gold dream in Africa

By Tycoon Herald 4 Min Read
Gaza residents stream dwelling to the north after hostage breakthrough By Reuters
Business

Gaza residents stream dwelling to the north after hostage breakthrough By Reuters

By Tycoon Herald 6 Min Read

More Popular from Tycoon Herald

MEET THE FATHER OF COADUNATE ECONOMIC MODEL
BusinessTrending

MEET THE FATHER OF COADUNATE ECONOMIC MODEL

By Tycoon Herald 2 Min Read
Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

By Tycoon Herald
Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments
InnovationTrending

Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments

By Tycoon Herald 7 Min Read
Sports

Gabriel harm: Arsenal defender to overlook Actual Madrid video games after being dominated out for the season

Arsenal is not going to have Gabriel for his or her Champions League quarter-final tie towards Actual Madrid after he was dominated out…

By Tycoon Herald
Entertainment

‘Vanderpump Guidelines’ Reboot Begins Filming Quickly With New Forged

'Vanderpump Guidelines' We're Again ... Reboot to Start Filming Very Quickly!!! Printed March 12, 2025 1:08…

By Tycoon Herald
Trending

U.S. Blew Up a C.I.A. Post Used to Evacuate At-Risk Afghans

A controlled detonation by American forces that was heard throughout Kabul has destroyed Eagle Base, the…

By Tycoon Herald
Leadership

Northern Lights: 17 Best Places To See Them In 2021

Who doesn’t dream of seeing the northern lights? According to a new survey conducted by Hilton, 59% of Americans…

By Tycoon Herald
Real Estate

Exploring Bigfork, Montana: A Little Town On A Big Pond

Bigfork, Montana, offers picturesque paradise in the northern wilderness. National Parks Realty With the melting of…

By Tycoon Herald
Leadership

Leaders Need To Know Character Could Be Vital For Corporate Culture

Disney's unique culture encourages young employees to turn up for work with smiles on their faces.…

By Tycoon Herald
The Tycoon Herald

Tycoon Herald: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Terms of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© Tycoon Herald. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?