The Ikea store on Oxford Street in London is currently being refurbished. Photo: David Parry/PA
Ikea has delayed the opening of its new Oxford Street flagship store for the second time after leaks were discovered in the building's basement during renovation work.
The Swedish retailer said it now plans to open the store next spring rather than this fall. This means the project is about 18 months behind schedule.
Ikea had originally planned to open a West End flagship store in autumn 2023 as part of plans to reduce its reliance on out-of-town stores.
The latest delay comes after new problems emerged during the refurbishment of the former Topshop store, which has been empty since 2021 when the retailer's owner Arcadia went into administration. The London site is now owned by the investment arm of Ingka, Ikea's largest franchisee.
Ingka said it found that “unforeseen additional work” needed to be carried out to deal with water seeping into the basement floors.
Peter van der Poel, managing director of Ingka Investments, said: “We are now taking vital steps to mitigate the long-term risk of flooding and to protect and secure the future of this historic building for many years to come. come.”
Not opening the store would be a blow to Oxford Street, which has been struggling to regenerate. Westminster Council is trying to rid London's famous shopping street of an influx of American sweet shops and luggage stores.
USA In recent years, sweet shops have taken over Oxford- straight. Photo: Mike Kemp
They are planning a £90 million redevelopment of the street, with construction work to resurface pavements and install new pedestrian crossings starting in the autumn.
There are signs that the area's fortunes are beginning to change as more retailers begin leasing space on Oxford Street again. Property transactions are forecast to hit a new high this year, after more deals were completed in 2023 than in the previous three years combined.
However, the future of some parts of the street still hangs in the balance question. Signs & Spencer has threatened to leave his flagship Marble Arch store amid a row with Housing Secretary Michael Gove over its multi-million pound development.
M&S said it needed to bulldoze its flagship store and rebuild it, saying revamping the store would not solve many of the underlying problems at the site. The company cannot heat or cool parts of its store, which is located in three separate buildings.
Campaigners pointed to the Ikea refurbishment as an example of how retailers can refurbish high street stores without demolishing them.
Ikea said it recently removed the store's gas boilers and replaced them with heat pumps, and replaced all wiring, plumbing and fire protection throughout the building.
Peter Jelkeby, chief executive of Ikea UK, said: “The historic nature of the building makes it difficult to refurbish it thoroughly, but we want to reassure Londoners that we are as excited as they are about the store opening.” are going to visit it.
“We look forward to delivering this in the spring of 2025 and contributing to the positive future of London’s most famous shopping area.”
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