In a strategic move aligning with its global expansion strategy, Ingka Group, the parent company of the iconic Swedish furniture giant Ikea, has acquired the Churchill Square shopping centre in Brighton for an estimated £145 million. This purchase, following the successful acquisition of the former Kings Mall in London’s Hammersmith, now named the Levit, marks a significant step in Ingka’s retail property portfolio.
The 500,000 sq ft Churchill Square centre, previously under the ownership of fund manager Abrdn, hosts major retailers including Next, H&M, Skechers, and Urban Outfitters. While initially listed at £250 million, Ingka Centres, the retail property arm of Ingka Group, has secured a favorable deal, as reported by property trade journal React News.
This strategic acquisition positions Ingka Centres to implement its proven global expansion strategy. The move enables the world’s largest furniture retailer to repurpose the former Debenhams Churchill Square site into a new Ikea store, slated to open within the next two years.
Cindy Andersen, Managing Director of Ingka Centres, expressed confidence in this strategic move, stating, «Churchill Square fits seamlessly into our global expansion strategy, allowing us to transform a traditional retail space into a dynamic meeting place that transcends traditional shopping. As demonstrated in Hammersmith, traditional shopping centres thrive when adapted and continuously evolve to meet the genuine needs of local communities.»
In addition to the Churchill Square acquisition, Ikea is making waves in the UK retail landscape by converting the former Topshop flagship on London’s Oxford Circus into one of its urban format stores, with an anticipated opening in autumn 2024. These strategic investments underscore Ingka Group’s commitment to innovation and meeting the evolving demands of the retail sector.
