May 10, 2021
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From Topshop to Ikea? Swedish giant in talks on Oxford Circus flagship site

May 10, 2021

Swedish furniture and homewares giant Ikea is reportedly among the bidders lining up to take over the former Topshop flagship at Oxford Circus in London.

Photo: Sandra Halliday

If it does strike a deal for the premium space on what was Europe’s busiest shopping street pre-pandemic, it would be the first time in many decades that the site hasn’t housed a fashion-linked brand.

It has been reported that the retailer has held “advanced talks” about taking over the location as part of its city centre strategy.

The firm had been eyeing Oxford Street for some time and previously looked at the former BHS flagship not far away from the Topshop store. But “senior property sources” told This Is Money that it has shown a “serious interest” in the Topshop store.

Last year Ikea said it had a list of 40 key global cities in which it wanted to open and taking a site at the heart of London’s shopping hub would clearly signal its ambitions in city-centre retail.

The company certainly has the resources to make a deal for the site that’s said to be valued at £420 million. But it’s believed to have deep-pocketed rivals in the race to take it over with Amazon, JD Sports and Frasers Group all believed to be interested too.

Ikea, which hasn’t commented on the report, already has a kitchen and bedroom planning outlet in Tottenham Court Road adjacent to Oxford Street, and is also planning to open in London’s Hammersmith neighbourhood.

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