Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Ikea owner buys Brighton shopping mall, its second in the UK

by November 13, 2023
November 13, 2023
Ikea owner buys Brighton shopping mall, its second in the UK

Ikea’s parent company has bought its second UK shopping mall, in Brighton, for an estimated £145m as part of efforts to bring its furniture stores into city centres.

The world’s largest furniture retailer plans to convert an empty Debenhams site in the south coast city’s Churchill Square centre, about a third of which sits empty, into a new Ikea store which is expected to open within two years.

The acquisition comes almost three years after Ingka Group’s Ingka Centres division bought the Kings Mall in Hammersmith, west London, where it installed an Ikea in a former Debenhams and brought in new tenants including the Library of Things and Lidl to help fill the site, which it renamed Livat.

Ikea is also converting the former Topshop flagship store on London’s Oxford Circus into an outlet. The opening date was recently delayed by a year until autumn 2024.

Hammersmith was the first of Ikea’s latest city store concept globally, after several attempts at developing small local outlets more convenient for those without a car.

It has tested but then closed smaller high street outlets, including one on Tottenham Court Road in central London, as well as large warehouse stores in Tottenham in north London and Coventry in 2020.

Ingka has begun buying up moribund shopping malls to develop city centre destinations as the value of those sites has fallen amid hefty competition from online shopping, which has driven many retailers to slim down the size of their chains. The post-Covid shift to working from home has also hit city centres.

Churchill Square’s owner, the fund manager Abrdn, had hoped to sell the centre for £250m when it was put on the market last year, but it agreed a deal with Ingka Centres for £145m, according to the property trade journal React News. Ingka did not comment on the price.

This summer Ikea reopened in San Francisco’s former 6X6 “ghost mall” which had lain empty since its completion in 2016. The group is also redeveloping Toronto’s Aura Podium, which formerly housed a branch of Bed, Bath & Beyond, and a complex of shopping centres and offices in Place d’Italie, Paris.

The Brighton site, which will continue trading while the department store is being revamped, includes the Chartwell Court residential tower block and three car parks, two of which are freeholds.

Other retailers already at the site include Apple, Next, H&M and Urban Outfitters.

Cindy Andersen, the managing director of Ingka Centres, said Churchill Square “fits perfectly into our global expansion strategy, allowing us to transform a traditional retail space to a meeting place that is much more than just a place to shop.

“We’ve proven in Hammersmith that traditional shopping centres have a strong future when they are adapted and constantly evolving to match the real needs of local communities.”

She said the group intended to bring together a range of “affordable and sustainable” outlets including retail, restaurants, services and amenities at the site.

Read more:
Ikea owner buys Brighton shopping mall, its second in the UK

0
FacebookTwitterGoogle +Pinterest
previous post
Beauty company Avon set to open first UK stores in 137-year history
next post
New York Times Reports on the Polydrug Overdose Crisis and the ‘Second Meth Epidemic’

You may also like

Secrets of Success: AJ Sharp, CEO and Founder...

February 11, 2024

Banks won’t lend to us, say more than...

September 12, 2022

Wealthier homeowners hit as banks raise mortgage rates...

May 29, 2025

Inside Javvy Coffee: The Clean Caffeine Brand Changing...

May 28, 2025

Energy Price Guarantee expected to continue at same...

March 6, 2023

Vodafone takes title as UK’s most valuable brand

September 29, 2022

Vauxhall to build electric vans at Luton plant...

February 22, 2024

Overcome Your Drive and Investigate Further with the...

April 20, 2024

7 Yacht party outfit ideas

July 31, 2022

Protecting Content Creators: The Need for Copyright Lawyers...

August 23, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Good Riddance to the Penny

      June 5, 2025
    • Oracle Fusion Testing: The UK Leader’s Playbook for Automation

      June 5, 2025
    • Blue state Republicans threaten rebellion if Senate changes key provision in Trump’s ‘big, beautiful bill’

      June 5, 2025
    • Ricketts, Fetterman team up for crackdown on China’s attempts to purchase US farmland

      June 5, 2025
    • Hamas working to ‘sabotage’ Trump-backed aid group with ‘fake news’: Israeli official

      June 5, 2025
    • Longtime Trump loyalist flips on GOP’s ‘big, beautiful bill’

      June 5, 2025

    Categories

    • Business (8,148)
    • Investing (2,009)
    • Politics (15,529)
    • Stocks (3,128)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved