The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Ikea, the world’s biggest furniture brand, has agreed to buy the iconic former flagship store of British fashion chain Topshop in London’s Oxford Circus from the administrators of bankrupt owner Arcadia Group, part of its push to open inner-city outlets.
Krister Mattsson, head of the investment arm of Ingka Group which owns most Ikea stores, told Reuters that three floors of the building would be turned into an Ikea store due to open in the summer or autumn of 2023.
Ikea a few years ago tweaked its strategy towards adding inner-city store formats besides its giant out-of-town warehouse stores to reflect changing shopping behaviour.
It opened its first inner-city full-range store in Paris in 2019. Its first centrally located store in London is due to open in the coming months, in the borough of Hammersmith.
“A conditional purchase agreement has been signed to acquire a property at 214 Oxford Street (Oxford Circus) in London,” Ingka Investments said in a statement.
”The investment supports the transformation of Ingka Group’s retail business, bringing IKEA closer to customers.”
The Oxford Street Ikea store will be the biggest inner-city format store to date, Mattsson said in an interview.
By Anna Ringstrom; Editor: Jan Harvey
Learn more:
London’s West End Turns Dead End as Shoppers Leave Oxford Street
A flood of store closures is being aggravated by lockdown restrictions that are decimating foot traffic and driving more shoppers online.
When the American sportswear retailer announced the return of its controversial founder as CEO Wednesday, investors were perplexed. BoF unpacks why Plank may be back — and the challenges that lie ahead in his bid to transform its fortunes.
The category’s biggest brands by market capitalisation report results this week, and will need to show they have a plan to fend off fast-growing competition.
By investing in an elevated product and shopping experience, Spanish retailers Inditex and Mango are seeing tremendous growth despite fierce competition from the likes of Temu and a cash-strapped consumer.
The ByteDance-owned app’s e-commerce play has been met with mixed response from users. Still, sales seem to keep ticking up.