The owner of Ikea has bought the former Topshop store on Oxford Street for £378 million after years of scouring London for a city-centre site.
Once a mecca for young shoppers in the glory days of Sir Philip Green’s Arcadia retail empire, the site has been empty since the group fell into administration and the Topshop brand was sold to Asos, the online retailer. Of the sale proceeds, £40 million will go to Arcadia’s pension fund.
Ikea said it plans to reopen the store in autumn 2023 with about 5,000 products on show out of its total range of 10,000, and that 2,200 items of smaller home furnishings would be available to take away on the day. The new shop is the latest attempt by