By Nikita Deepak, Business Reporter
Photo: Nikita Deepak
Ikea is set to move into Oxford Street after buying out the building that used to house Topshop’s flagship store in London. The building reportedly cost 378 million pounds.
The unit expands over seven floors and will include a cafe, and showrooms with the option to get the furniture delivered to your house. The new store is expected to open in 2023 at the earliest.
The head of business for Ikea UK and Ireland Peter Jelkeby said the expansion into the busy city centre will link its physical stores and its online business more closely and make it more accessible. The purchase also marks the last of Topshop’s former parent group Arcadia Group.
Topshop was forced to close doors to its stores earlier this year after ASOS bought the company out after the company declined in recent years, and went into administration late last year.