Ikea buys landmark Topshop building in London

Ikea is buying the former flagship central London store of Topshop for £378m following the collapse of Sir Philip Green's retail empire. Ikea said despite the growth of online sales, bricks and mortar remained key. Peter Jelkeby, retail manager of Ikea UK & Ireland, said societies were seeing big changes in the way people live and shop, including soaring online sales and a desire for more local physical outlets. Ikea, famous for its huge out-of-town warehouses, has been trialling inner-city formats across Europe for more than two years. "Even though online shopping continues to accelerate at a rapid pace, our physical stores - large and small - will always be an essential part of the Ikea," said Mr Jelkeby.

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