But talks stalled because Nike, an existing tenant in the building which will keep its store open, has a clause in its lease prohibiting a competitor from operating in the former Topshop space. Mike Ashley’s Frasers Group had also been interested in the site. They explored both sale and leasing option before the deal with Ikea was agreed, according to React News. It moved to Oxford Circus in 1965.Īdministrators took over the company which owns the site last November after the collapse of Sir Philip's Arcadia fashion empire. The deal brings Topshop's 56-year tenancy on the street to an end. Ikea previously sought to take over British Home Stores’ location on Oxford Street, and had also enquired about a site at a nearby redevelopment on Cavendish Square. The deal is not the first time the Swedish furniture chain has attempted to move to Oxford Circus. The brand was subsequently bought by Asos, which announced plans to dispose of all physical stores. Topshop fell into administration last November after years of declining sales. It will give the Swedish furniture chain a presence at the heart of London's shopping district amid booming demand for its products since lockdown was lifted. Ikea is to buy the flagship Oxford Circus store occupied by Topshop in a £385m deal following the collapse of Sir Philip Green's retail empire.
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