Ikea owner Ingka Group has acquired its second UK shopping centre, in Brighton, as the business targets city centres for new stores.
The deal, estimated to be worth £145m, will see the furniture retailer convert the empty former Debenhams outlet in the coastal town’s Churchill Square Centre into a new Ikea store.
The acquisition comes three years after it snapped up Hammersmith’s Kings Mall in west London, where it opened its smaller-format store in the ex-Debenhams unit alongside transforming the centre’s shopping space.
Ingka Centres managing director Cindy Andersen said the Brighton Mall “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.”
The Swedish giant is currently in the process of converting the Grade II listed former Topshop flagship on Oxford Street in central London for its new store.
The retailer pushed back its opening date to Autumn 2024, attributing the year-long delay to “ensuring optimal preservation” of the building.