Ikea has confirmed an opening date for its long-awaited new London flagship store in the West End after buying the site for £378million more than three years ago.
The Swedish furniture retailer will welcome customers into the outlet at 214 Oxford Street from May 1 after converting the Grade-II listed former Topshop store.
Ikea bought the site, once the jewel in Sir Philip Green’s retail empire Arcadia Group, in October 2021 and an original opening date of autumn 2023 had been given.
But renovations faced an 18-month delay caused by issues including water leaking into the basement – while builders also installed new insulation and heat pumps.
The retailer previously revealed it was taking longer than expected to renovate the more than 100-year-old building, and the planned opening was pushed back twice.
Now, Ikea has confirmed the new store will have a total retail space of 62,400 sq ft (5,800 sq m) and will be open daily from 10am until 8pm, generating 150 jobs.
The store is seen by retail and council bosses as a crucial part of restoring Oxford Street to its former glory as one of the world’s premier shopping destinations.
The area has become blighted by crime and homelessness in recent years having fallen into disrepair with empty shops, littered streets and falling visitor numbers – with poor quality US ‘candy stores’ and souvenir shops at the centre of concerns.
Ikea has confirmed an opening date for its new London flagship store at 214 Oxford Street
The popular Swedish furniture retailer has converted the Grade-II listed former Topshop store
Ikea has confirmed the new store will have a total retail space of 62,400 sq ft (5,800 sq m)
Major retailers to have closed in recent years in addition to Topshop have included House of Fraser, Miss Selfridge, Dorothy Perkins and Debenhams.
Problems reached a peak in August 2023 when West End stores were forced to lower their shutters and lock customers inside after large groups of mainly young men responded to a call on TikTok to join a ‘Oxford Circus JD robbery’.
But the area was boosted when HMV reopened its old flagship store in November 2023, and Mayor Sir Sadiq Khan now wants to pedestrianise 0.7 miles of the street as part of the regeneration despite warnings this could make it a crime-ridden ‘no-go area’.
The new Ikea store will include a showroom featuring examples of rooms, a market hall with home furnishings accessories, planning appointments and a Swedish deli.
Ikea said the restaurant would have 130 seats and serve its signature meatballs with mashed potatoes, lingonberry jam and cream sauce for £4.95, or hot dogs for 75p.
The store will span three floors of the seven-storey building, comprising the ground and two lower ground floors. Some 3,500 products will be available to take away, with a further 2,500 to order.
Ikea added that customers can take home smaller pieces of furniture in one of its Frakta bags, but they can also order them to be delivered or for collection at a pick-up point elsewhere.
The firm opened a pop-up concept store next to the site called ‘Hus of Frakta’ themed around its famous bag last November, but this will close on March 23.
Ikea said it received 3,730 applications in just five days for the 150 jobs at the store when it began recruiting earlier this year.
Ikea UK chief executive Peter Jelkeby said: ‘Whether a local Londoner or a tourist passing through, Ikea Oxford Street aims to inspire home dreams for everyone – offering beautifully designed, functional furnishings at prices affordable for as many people as possible, ensuring visitors leave with ideas and solutions that make everyday life at home a little better.’
NOVEMBER 2024: Ikea launches a pop-up concept store on Oxford Street around its Frakta bag
AUGUST 2023: An installation representing an Ikea bag is unveiled as the renovation continues
OCTOBER 2021: People walk past 214 Oxford Street after Topshop’s flagship store was closed
The firm said the opening follows a three-year renovation, with the building set to accommodate three other retail outlets and offer four floors of office space.
It comes after cosmetics retailer Space NK confirmed last week that it would taking some of the space for its own flagship in the same building.
Ingka Investments, the investment arm of Ikea UK’s parent company and owner of the building, has overseen the works – which include replacing gas boilers with air source heat pumps and installing secondary glazing for better insulation.
Workers have also cleaned and restored the building’s façade, created a new lighting scheme and refurbished the fourth floor’s original Victorian roof lantern.
Mr Jelkeby added: ‘We have worked carefully to ensure we maintain the character of this historic building whilst creating a modern retail environment for customers to explore and be inspired.
‘London is an iconic shopping destination, and we are thrilled to now have a home in its centre.
NOVEMBER 2020: People walk past the closed Topshop on Oxford Street during the pandemic
APRIL 2014: Crowds outside Topshop on Oxford Street waiting for model Kate Moss to arrive
APRIL 2016: Sir Philip Green with Kate Moss at a launch event at Topshop on Oxford Circus
APRIL 2006: Crowds of shoppers rush down escalators at the Topshop store on Oxford Circus
‘Ikea Oxford Street’s location complements our network of stores in London – and beyond – and allows us to be closer to where our customers live, work and shop, while importantly being easily accessible by foot or public transport. We look forward to welcoming you in.’
Ikea was founded in Sweden in 1943, and opened its first UK store in Warrington, Cheshire, in 1987 – before its first London store in Wembley one year later.
The chain now has 20 ‘full-sized’ stores in the UK, one ‘city’ store in Hammersmith, one ‘order and collection’ point, and three ‘plan and order points’.
Last October, Ikea UK revealed a slump in sales for the previous year as under-pressure shoppers held off buying bigger-ticket items.
It added that the fall was also partly driven by price reductions to keep attracting customers hit hard by the higher cost of living.
The company revealed that retail sales dropped by 6.8 per cent to £2.3billion for the year to August 2024, compared with the previous financial year.
