Ikea in talks for multi-million pound acquisition of former Topshop flagship

A Swedish furniture brand is reportedly in talks to acquire a former Topshop store in the centre of London.

Ikea, which has 445 stores worldwide, is rumoured to be in talks to acquire a new site on Oxford Street for around £385m.

The site was formerly the flagship store of Topshop, which folded last year when owner Arcadia Group went into administration.

A spokesman for Ikea said: “We are on a journey to create a new Ikea that is even more affordable, accessible and sustainable.

“As part of our accessibility plans in the UK & Ireland, we are constantly looking for new ways to better meet our customers’ needs.

“This includes investing in our online offer, rebuilding and adapting existing Ikea stores, and exploring different formats and locations as part of a new city centre approach.

“We review our expansion strategy on an ongoing basis but have no plans to share at this time.”

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