Ikea flagship store on Oxford Street delayed by a year

The three-story building was once occupied by Topshop. Photo: David Parry/PA

Ikea has postponed the opening of its flagship store. on Oxford Street until next year, which is the final blow to Britain's busiest high street.

The Swedish furniture giant said the three-story building once occupied by Topshop will now open in autumn 2024 as construction will take longer than expected.

Ikea originally planned to open a store in the city center, which is located next to Oxford Circus station, by November of this year.

The London site is owned. investment arm of Ingka, Ikea's largest franchisee.

Peter van der Poel, Managing Director of Ingka Investments, said: “In renovating this historic monument, which is over 100 years old, it is important for us as an investor to take good care of the building and preserve its characteristics and atmosphere.”

“At the same time, we want to upgrade it to today's standards with the highest possible sustainability performance.

“To ensure all this, the extensive renovation will take longer than originally anticipated. '.

It comes as Marks & Spencer runs into trouble on the street, where the construction of the Marble Arch store is facing opposition from Michael Gove.

The Housing Minister said the proposals risked damaging the area's heritage and «fail to support the transition to low prices.» carbon future.»

M&S is considering abandoning its Marble Arch site after Michael Gove opposed his plans development. Photo: Jason Alden/Bloomberg

M&S is now considering moving away from the facility entirely and has warned that the decision has had a «chilling» effect on others considering new developments.

In an interview with The Telegraph, Ikea UK and Ireland chief executive Peter Jelkeby said, that the retailer is «ready to make a significant investment in Oxford Circus» where it plans to sell 6,000 items.

However, he says the retail community in the area «needs to be supported in every possible way to remain this way a cult destination.»

Ikea is among the companies that supported the M&S refurbishment during the planning process.

Mr Jelkeby said: “Main Street, and especially a street of international economic importance like Oxford. The street needs investment and renewal to continue to attract shoppers and visitors, as well as to give confidence to the main streets of the UK and inspire other retailers.”

The delay in the opening of the Ikea store will be a blow to the shopping street, which in recent years has been overflowing with US confectioneries. It has also struggled with a rise in crime lately.

Earlier this month, police were forced to arrest nine people and issue 34 dispersal orders after a social media campaign that suggested robbing Oxford Street retailers.

In a letter to The Telegraph two weeks ago, Sascha Berengi, chief operating officer of M&S, said Oxford Street was seeing an increase in crime amid «empty shops, littered streets and fewer visitors».