Ikea issues major update on new store set to open in iconic location
IKEA has issued a major update on the opening of a new store that’s based in an iconic spot.
The retailer was due to open its site in London’s Oxford Street in Autumn 2023, but shoppers won’t be able to head there just yet.
The Swedish chain acquired the seven-floor site in 2021, pipping Amazon, JD Sports, and Mike Ashley’s Frasers Group to the Grade-II listed building.
It was due to open in Autumn 2023, then in Autumn 2024, but the opening date has been pushed back twice.
IKEA said progress had been made on the project, but admitted today it had faced issues with flooding in the building.
Peter van der Poel, managing director of Ingka Investments, which owns IKEA said: “IKEA Oxford Street is a one-of-a-kind project, involving the sensitive and sustainable upgrade of a Grade-II listed building that is over a hundred years old.
“Following the discovery of an unforeseen water ingress issue, we’re now taking vital steps to mitigate long-term flood risk, and to protect and future-proof this historic building for many years to come.”
The 239,000sq ft site on Oxford Street, once open, will contain a three-floor IKEA store and four floors of office space.
Customers will be able to choose from around 6,000 different products in the retail unit, with about half of the products available to be taken away immediately.
Larger furniture items will be deliverable directly to customers’ homes or picked up from IKEA collection points.
IKEA collection points are smaller than regular IKEA branches where customers can order products and arrange to have them delivered or collected.
The site cost the retailer a whopping £378million.
When it first announced it had bought the site, it said it expected 150 new jobs to be created when the store opens.
Once built, the store would have joined IKEA’s nearby branch on Tottenham Court Road, but it closed in 2022.
Peter Jelkeby, chief executive officer and chief sustainability officer for IKEA UK, added: “We’ve been overwhelmed by the interest and excitement generated around our Oxford Street opening.
“We look forward to doing so in spring 2025 and contributing to a positive future for London’s most renowned shopping district.”
It comes after IKEA rolled out price cuts on hundreds of items ahead of the Easter holidays earlier this Spring.
It was part of continued roll-out of price cuts across 1,500 products, which kicked off in January.
How to compare prices to get the best deal
JUST because something is on offer, or is part of a sale, it doesn't mean it's always a good deal.
There are plenty of comparison websites out there that’ll check prices for you – so don’t be left paying more than you have to.
Most of them work by comparing the prices across hundreds of retailers.
Here are some that we recommend:
- Google Shopping is a tool that lets users search for and compare prices for products across the web. Simply type in keywords, or a product number, to bring up search results.
- Price Spy logs the history of how much something costs from over 3,000 different retailers, including Argos, Amazon, eBay and the supermarkets. Once you select an individual product you can quickly compare which stores have the best price and which have it in stock.
- Idealo is another website that lets you compare prices between retailers. All shoppers need to do is search for the item they need and the website will rank them from the cheapest to the most expensive one.
- CamelCamelCamel only works on goods being sold on Amazon. To use it, type in the URL of the product you want to check the price of.
How to save money at IKEA
One way to save money is by searching for IKEA’s Circular Hubs, according to retail expert Andrew Busby.
They can be found in all UK IKEA branches and you can find ex-display and slightly damaged items and knock down prices there.
Meanwhile, it’s worth signing up to IKEA’s discount card – the Family Card.
It offers you access to the Circular Hub, but also exclusive discounts and free tea and coffee.
Third, watch out for IKEA’s maze-like layout which is designed to encourage shoppers to impulse buy, Andrew said.
Make sure you go in with a plan so you don’t get caught buying anything you shouldn’t.
IKEA was founded in Sweden in 1943, and opened its first UK branch in Warrington, Cheshire, in 1987.
It now operates 20 full-sized stores across the UK.
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