Ikea to open on Fifth Avenue following investment in new tower

Ikea is set to open a store on New York’s Fifth Avenue, following investment in a retail and office tower by the investment arm of its parent company Ingka Group.

The 1,000,00 square-foot mixed use commercial building will be located at 570 Fifth Avenue and is being built by Extell Development Company. It is scheduled to open in 2028.

The new building is the first office tower to be constructed in New York following the pandemic and is designed to be sustainable and is aiming for LEED Gold certification.

Ingka said an Ikea customer meeting point will take up 80,000 sq ft of the new building arranged over two levels.

The investment reflects the group’s push to adapt its retail operations to an urban environment and changing customer preferences by opening new store formats in city centres.

Since 2019 Ingka Group has opened stores in major cities including Tokyo, Vienna, Paris and Prague.

"This next phase of our investment and expansion in the U.S. signals our commitment to bring Ikea closer to people in city centres,” said Javier Quiñones, chief executive and chief sustainability offer, Ikea US. “While we are in the very early stages of planning for the Ikea location, we can promise to deliver an experience that is full of inspiration and designed to meet the home furnishing dreams of the many New Yorkers."

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