Swedish furniture giant Ikea to open Oxford Street store in May after 18-month delay

The retailer said the three-story store, housed in the former Topshop flagship, would include a 130-seater Swedish deli, showrooms and one-to-one design consultations for customers.

The new store will offer some 6,000 Ikea products, of which around 3,500 will be purchasable from the store, with the rest of the range being available for delivery to customers’ homes.

The retailer’s UK chief executive Peter Jelkeby said the new store was part of the brand’s strategy to be in places closer to where its customers live, work and shop, particularly in places made accessible by good public transport links.

“London is an iconic shopping destination, and we are thrilled to now have a home in its centre,” he said. “We have worked carefully to ensure we maintain the character of this historic building while creating a modern retail environment for customers to explore and be inspired.”

Many retail experts see the long-awaited opening of the store as key to the hopes of a revival for Oxford Street, which has been gradually rejuvenating itself after a slump in visitor numbers during the Covid pandemic.

This led to a spate of store vacancies on the famous shopping street, which were taken over by a spate of cheap American candy shops.

Since 2023, however, the number of vacancies has dipped, the candy stores have been rolled back, and prime retailers have returned to Oxford Street – including the reopening of HMV and the arrival of sportswear brand Under Armor.

Other new stores set to open on the iconic street include a second Mango flagship, and the opening of the Elephant – the £132m redevelopment of the former House of Fraser store, due to be completed in autumn 2026.

Ikea bought the former Topshop site for an estimated £378m, but the redevelopment of the store has been dogged by delays and complications.

The new store will lead to the creation of 150 new jobs. Ikea said it received over 3,700 applications for roles at the store in just five days, a record for the retailer.