Ingka Investments, one of the three core businesses of Ikea-owner Ingka Group, has signed a conditional purchase agreement to buy the site of the former flagship Topshop store at 214 Oxford Street.

The company said that part of the 22,200 square metre building, which has seven floors, will be used by Ikea UK & Ireland.

The store is estimated to be open by Autumn 2023.

Ikea said that the investment supports its long-term plan to “transform the IKEA Retail business” and bring IKEA closer to customers by opening and testing new formats in cities responding to urbanisation and new shopping behaviours.

The news comes as Ingka Group published strong IKEA retail sales of €37.4 billion for the financial year 2021, corresponding with an increase of 6.3 per cent compared to last year.

“We continued to show incredible commitment and entrepreneurship with a clear ambition to create a better IKEA,” said Jesper Brodin, chief executive, Ingka Group. “All IKEA colleagues are a part of this success and as times continue to be challenging it’s important that we continue to keep the spirit of optimism and courage.”

The multinational furnishings business said that following the deployment of a warehouse automation system at its Ikea Covina store in LA, it is planning to expand its use of robotics at a larger scale. It added that it would introduce ‘dynamic picking’ as part of its value added service.

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