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Ikea issues major update on new store set to open in iconic location
Watch our video above on five ways to save money at the retailer
Ikea has issued a major update on the opening of a new store that's based in an iconic spot.
The retailer was due to open its site in London's Oxford Street in Autumn 2023, but shoppers won't be able to head there just yet.
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The Swedish chain acquired the seven-floor site in 2021, pipping Amazon, JD Sports, and Mike Ashley's Frasers Group.
The site is the former base of Topshop's flagship store, but the Grade-II listed building went up for sale in January that year after parent company Arcadia fell into administration.
It was due to open under the Ikea name in Autumn 2023 but the opening date was pushed back to Autumn this year.
Today, the retailer, which currently runs 22 stores across England, Wales, Scotland and Northern Ireland, said the site would not open until Spring 2025.
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Ikea said progress had been made on the project, but admitted today it had faced issues with flooding in the building.
Peter van der Poel, managing director of Ingka Investments, which owns Ikea said: “Ikea Oxford Street is a one-of-a-kind project, involving the sensitive and sustainable upgrade of a Grade-II listed building that is over a hundred years old.
"Following the discovery of an unforeseen water ingress issue, we’re now taking vital steps to mitigate long-term flood risk, and to protect and future-proof this historic building for many years to come."
The 239,000sq ft site on Oxford Street, once open, will contain a three-floor Ikea store and four floors of office space.
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Customers will be able to choose from around 6,000 different products in the retail unit, with about half of the products available to be taken away immediately.
Larger furniture items will be deliverable directly to customers' homes or picked up from Ikea collection points.
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Ikea collection points are smaller than regular Ikea branches where customers can order products and arrange to have them delivered or collected.
The site cost the retailer a whopping £378million.
When it first announced it had bought the site, it said it expected 150 new jobs to be created when the store opens.
Once built, the store would have joined Ikea's nearby branch on Tottenham Court Road, but it closed in 2022.
Peter Jelkeby, chief executive officer and chief sustainability officer for Ikea UK, added: "We've been overwhelmed by the interest and excitement generated around our Oxford Street opening.
"We look forward to doing so in spring 2025 and contributing to a positive future for London’s most renowned shopping district."
Retailers opening stores in 2024
A NUMBER of retailers are opening stores between them in 2024. Here's a few:
- Aldi - German discounter Aldi has announced it will open 35 new UK stores this year. The openings form part of Aldi's long-term target of operating 1,500 stores in the UK.
- Asda - Asda has been opening hundreds of convenience stores as it looks to rival major players Tesco and Sainsbury's.
- Purepay Retail Limited - The parent company of Bonmarché, Edinburgh Woollen Mill (EWM) and Peacocks, Purepay Retail Limited, has said it wants to open 100 new high street stores over the next 18 months.
- Home Bargains - Home Bargains has said it wants to "eventually have between 800 and 1,000 retail outlets open".
- Primark - Primark is also opening new branches and investing and renovating more than a dozen of its existing shops.
- Screwfix - Screwfix is set to open 40 new stores nationwide as its owner, Kingfisher, seeks to expand the DIY brand's national presence.
- Tesco - Tesco has revealed plans to open 70 more stores across the UK over the next year as part of major expansion plans.
- WHSmith - WHSmith has turned its focus to the travel side of its business, with plans to open new sites in airports, railway stations and hospitals.
It comes after Ikea announced in November it would take on an empty Debenhams store in Brighton after the latter retailer fell into administration.
And in January 2022, Ikea announced it would be opening a first of its kind mini-store in London.
Earlier this year, Ikea rolled out price cuts on hundreds of items ahead of the Easter holidays earlier this Spring.
It was part of continued roll-out of price cuts across 1,500 products, which kicked off in January.
Remember, you can find your nearest Ikea branch by using the retailer's store locator tool on its website.
How to save money at Ikea
One way to save money is by searching for Ikea's Circular Hubs, according to retail expert Andrew Busby.
They can be found in all UK Ikea branches and you can find ex-display and slightly damaged items and knock down prices there.
Meanwhile, it's worth signing up to Ikea's discount card - the Family Card.
It offers you access to the Circular Hub, but also exclusive discounts and free tea and coffee.
Third, watch out for Ikea's maze-like layout which is designed to encourage shoppers to impulse buy, Andrew said.
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Make sure you go in with a plan so you don't get caught buying anything you shouldn't.
Ikea was founded in Sweden in 1943, and opened its first UK branch in Warrington, Cheshire, in 1987.
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