By Anna Ringstrom

STOCKHOLM (Reuters] – IKEA is the largest furniture company in the world and has bought the legendary former flagship shop of British fashion chain Topshop, located at London’s Oxford Circus, by the administrators Arcadia Group. It’s part of its drive to open more inner-city shops.

Krister Mattson from Ingka Group’s investment arm, said to Reuters three floors in the building will be transformed into IKEA stores. The store is expected to open sometime between the fall and summer of 2023.

IKEA changed its strategy a couple of years back to include smaller stores in inner cities and larger warehouses. This was done to adapt to changing consumer shopping habits.

In Paris, it opened in 2019 its first fully-stocked store within the city. The borough Hammersmith will be home to its first London centrally-located store, which is expected to open within the next month.

Ingka Investors announced that they had signed a conditional buy agreement to purchase a property on 214 Oxford Street (Oxford Circus), London.

“The investment supports the transformation of Ingka Group’s retail business, bringing IKEA closer to customers.”

Mattsson stated in an interview that the Oxford Street IKEA shop will be the largest inner-city store.

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