Ikea to open flagship Oxford Street store at site of shuttered Topshop
Ikea is to buy the flagship Oxford Circus retail store occupied by Topshop in a £385m deal adhering to the collapse of Sir Philip Green’s retail empire.
It will give the Swedish home furnishings chain a existence at the coronary heart of London’s procuring district amid booming demand from customers for its merchandise considering that lockdown was lifted.
Topshop fell into administration previous November after a long time of declining revenue. The brand name was subsequently acquired by Asos, which declared designs to dispose of all physical stores.
The deal is not the very first time the Swedish home furnishings chain has tried to go to Oxford Circus. Ikea previously sought to get about British Dwelling Stores’ place on Oxford Avenue, and experienced also enquired about a website at a nearby redevelopment on Cavendish Square.
The deal delivers Topshop’s 56-calendar year tenancy on the street to an conclusion. It moved to Oxford Circus in 1965.
Administrators took about the company which owns the website previous November soon after the collapse of Sir Philip’s Arcadia trend empire. They explored both sale and leasing solution ahead of the deal with Ikea was agreed, in accordance to React News.
Mike Ashley’s Frasers Team experienced also been intrigued in the website. But talks stalled because Nike, an current tenant in the building which will hold its retail store open, has a clause in its lease prohibiting a competitor from operating in the former Topshop house.
Fantastic Portland Estates, Criterion Cash and Ramsbury all enquired about the website with out talks progressing to a significant position.
Returns from the sale will be applied to reimburse senior loan company Apollo Cash Management. Leftover money will go intp plugging the £510m deficit in Arcadia’s pension plan.
The deal for the Oxford Circus retail store follows an agreement with US actual estate big Trammell Crow for Arcadia’s former warehouse in Milton Keynes, as various Arcadia belongings are on the marketplace.
Ikea did not answer to a ask for for comment.
