What: Ingka group, Ikea’s owner, bought a shopping centre in the UK and plans to open Ikea in the former Debenhams location.

Why it is important: Crisis times are bargain times for cash-rich companies.

Ingka Group, the owner of Ikea, has acquired Churchill Square in Brighton, UK, for an estimated £145m, marking its second shopping centre purchase in the country. This follows their earlier acquisition of Kings Mall in Hammersmith, London.

In both cases, Ikea is converting former Debenhams outlets into Ikea stores, aligning with their strategy to establish a presence in city centres.

The Brighton mall acquisition is part of Ingka's global expansion plan to transform traditional retail spaces into community meeting places that offer more than just shopping. Ikea is also converting the Grade II listed former Topshop flagship on Oxford Street in central London into a new store, with an opening date pushed to Autumn 2024 to preserve the building optimally.

Ikea acquires a UK shopping centre and opens in former Debenhams