The former Topshop flagship was once a must-see fashion destination right in the middle London’s Oxford Circus. It has now been sold to Ikea. Ikea is a well-known purveyor of flatpack furniture at surprisingly low prices.
The new owner’s products are quite different from Topshop’s, which was once the king of high street fashion with seven floors selling the latest fashions and accessories. Ikea is best known for its out-of-town warehouses and larger car parks that cater to families. But the company is now changing their tack and will be coming to an urban center near you.
Many millennials don’t own cars and prefer shopping locally. This is why the Swedish furniture company has opened stores in major cities like Tokyo, Paris, and New York. The company is exploring new opportunities by opening stores in cities where customers can use public transport.
This landmark building was sold for 378million pounds
Ikea purchased the building for 378 million pounds. It has more than 239,000 square feet of retail and office space. The building also houses Vans and NikeTown brands. The store will be operational in 2023 after extensive refurbishment.
Peter Jelkeby is the retail manager at Ikea in UK & Ireland said that society was experiencing major changes in how people shop and live. This included soaring online sales as well as a desire to have more physical outlets.
“Online shopping is growing at an incredible pace, but our physical stores – small and large – will still be an integral part of the Ikea experience. This exciting step in our quest to become more accessible is the direct response to these social shifts.”
It is changing the strategy of going to its huge stores and then driving away with a large haul. Customers can bring small items home from the Topshop building, but larger items, such as most furniture, will need delivery.
You also have the convenience of a central London location on Oxford Street. Shopping can now be done in your own neighborhood, so there is no need to travel to an out-of-town store.
Ikea sells accessories, homeware, loungewear, and grocery as part of its strategy. It also has the storage solutions to store a fashionista’s growing wardrobe. This is especially useful for London apartments that have tight spaces and require creative fitting.