Ikea eyes shopping centre sites as part of expansion plan

Ikea is reportedly strengthening its property team as it looks to acquire shopping centres as part of an expansion programme.

The Swedish furniture retailer has already welcomed new staff to its property team from the wider business and it now aims to purchase the freehold of at least one shopping centre in Greater London, while also targeting others nationwide, Retail Week reported.

Ikea said it is aiming to capitalise on the decreased valuations of many shopping centres, which also allows the retailer to expand its presence into more central locations.

Moreover, Ikea opened its first smaller-format planning studio on London’s Tottenham Court Road last year as part of an expansion programme.

Ikea has also been working with several UK local authorities to begin building flatpack, affordable housing through property development firm BoKlok – which it jointly owns.

Retail Gazette