What: Ikea makes a major acquisition in the city centre of a country which has been, and is going through, turbulences related to Brexit.

Why it is important: The amount of the acquisition shows Ikea’s belief in the relevance and permanence of brick & mortar business, even though they are also advancing on the digital front. It will also be the first Ikea store of this size in an European city centre.

Swedish furniture group Ikea has confirmed the purchase of the former iconic Topshop location in Oxford Circus, in the centre of London (we initially reported the information earlier in September). The acquisition amounts to GBP 378m and Ikea will use a third of the 22,200 sqm space over seven floors, renting the rest to other long-term tenants such as Nike or Vans.

Once the store is open, Ikea will operate a total of 23 stores in the UK.

Ikea buys former Topshop Oxford Circus flagship store