IKEA has once again postponed the opening of its highly anticipated store on Oxford Street, now scheduled for Spring 2025. The Swedish furniture giant cited ongoing extensive renovation works on the seven-storey Grade II listed building, purchased by its investment arm Ingka Investments for £387 million in 2021, as the reason for the delay. The discovery of water ingress on the lower basement levels further contributed to the setback.
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Due to these issues, the opening of the flagship store has been rescheduled from Autumn this year to Spring 2025. Peter van der Poel, managing director of Ingka Investments, is quoted in an article in the Retail Gazette saying that the unique nature of the project involved the sensitive upgrade of a historic building, necessitating measures to mitigate long-term flood risk and ensure its sustainability for years to come.
He acknowledged the public's anticipation of the Oxford Street opening, assuring that despite the complexities of renovating the historic building, IKEA continues to be eager to unveil the store.
Source: www.retailgazette.co.uk