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IKEA to Buy Kings Mall in London



The company has announced plans to enter the UK retail property market with the purchase of one of the shopping and entertainment centers in London.
Ikea

The company Ingka Centers, which manages the business of the world's largest manufacturer and retailer of furniture IKEA, announced plans to enter the UK retail property market with the purchase of one of the shopping malls in London. As Reuters reports, it is about the project Kings Mall with an area of 27,000 square meters, which is on the balance sheet of Schroder UK Real Estate Fund. 

The deal will be held against the backdrop of the ongoing crisis in physical retail in the UK, where at the end of 2019, closed a record number of stores. Buyers continue to move to online shopping channels, depriving traditional retailers of the average sales levels. 

IKEA plans to invest heavily in modernizing the existing shopping center, as well as consider entering other promising projects with a thriving location. "Modern physical retailing must be tailored to the needs of the local community, with a combination of digitization, usability, and sustainability standards," commented Gerard Gröner, CEO of Ingka Centres. 

The shopping center transaction will be the first for IKEA in the UK market and will also allow the retailer to open its shop in an existing mall for the first time and present its new small urban format in the country. The company currently operates 44 shopping centers in 14 countries, which were built in-house with free-standing retail facilities. Recently, the company has changed its development strategy and opened "city-stores" within the city limits, with a limited range and emphasis on digital services. 

More about shopping malls in the United Kingdom



TODAY, Hong Kong:
The opening of the North Face flagship in Hong Kong is the first tangible sign of a market recovery in the country.
YESTERDAY, USA:
The new store opens on the grounds of The Grove mall in Los Angeles.
DAY BEFORE YESTERDAY, Sweden:
In Elmhurst, Sweden, a man named Bengt has returned IKEA furniture that was manufactured almost 60 years ago.
DAY BEFORE YESTERDAY, USA:
On Thanksgiving, the U.S. retail foot traffic dropped more than 90 percent.
Nov 28, 2021, Philippines:
The new five-story IKEA store is located in Pasay, an urbanized suburb of Manila.
Nov 28, 2021, Australia:
The virtual site was created so that customers could "touch" and explore the brand's products.
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