IKEA UK has announced an update on its highly anticipated Oxford Street store, with the opening date pushed back to early 2025.
The delay stems from the complexity of the ongoing renovation project at the historic, seven-storey building at 214 Oxford Street, London.
Go deeper with GlobalData
Ingka Investments, the investment arm of Ingka Group, IKEA’s parent company, leads the project. Its goals include creating a new IKEA store while developing office space across four floors.
The company said it is committed to achieving the highest Building Research Establishment Environmental Assessment Methodology (BREEAM) sustainability certification while preserving the building’s heritage and minimising disruption to neighbouring businesses.
Unforeseen challenges arose during the renovation process, demanding additional work.
Notably, water ingress was discovered in one of the basement levels, prompting immediate intervention to control the issue and safeguard the building’s long-term well-being.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“IKEA Oxford Street is a one-of-a-kind project, involving the sensitive and sustainable upgrade of a Grade II listed building that is over a hundred years old,” said Peter van der Poel, managing director of Ingka Investments.
“Following the discovery of an unforeseen water ingress issue, we’re now taking vital steps to mitigate long-term flood risk, and to protect and futureproof this historic building for many years to come.”
Despite the delay, significant progress has been made. The renovation includes:
- Replacing gas-fired boilers with energy-efficient air source heat pumps.
- Updating the building’s entire wiring, plumbing, and fire protection systems.
- Converting upper floors into office space.
- Installing secondary glazing for improved energy efficiency.
- Cleaning and restoring the building’s iconic facade, allowing for the removal of the ‘FRAKTA bag hoarding’ this month.
“We’ve been overwhelmed by the interest and excitement generated around our Oxford Street opening,” commented Peter Jelkeby, CEO and CSO of IKEA UK.
“The historic nature of the building makes its careful renovation more complex, but we want to ensure Londoners that we’re just as excited to open the store as they are to visit it.”
The three-storey IKEA Oxford Street store will span 82,000ft² and offer approximately 6,000 IKEA products, with half available for immediate takeaway.
Larger items will be delivered directly to customers’ homes or picked up at designated collection points across London.
