Ikea ramps up property team as it eyes shopping centre acquisitions

Ikea for web

Swedish furniture giant Ikea is expanding its UK property team as it seeks to snap up lowly valued shopping centres to accelerate its urban expansion.

Retail Week understands that Ikea has bolstered its UK property team by bringing staff in from the wider business and hopes to purchase the freehold of at least one shopping centre in Greater London and is eyeing others nationwide.

The retailer aims to take advantage of the falling valuations of many shopping centres which it sees as an opportunity to open in more central, convenient locations.

One source familiar with Ikea’s thinking suggested that it may be seeking to emulate the approach Primark took with its new Birmingham store, which opened to great fanfare earlier in the year.

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