// Ikea has held advanced talks to buy former Topshop flagship on Oxford Street
// The Swedish retailer has previously looked at other buildings on Oxford Street
// Topshop launched a sale process for its flagship with a £420m price tag earlier this month
Ikea is reportedly in advanced talks to take over the former Topshop store in London’s Oxford Street as part of its plan to open outlets in city centres.
The Swedish retailer has previously looked at other buildings on Oxford Street including the former BHS, but has shown a “serious interest” in the Oxford Circus site, This is Money reported.
Ikea said last year it had drawn up a list of 40 major cities around the world to “introduce their vibrant, urban destinations”.
Ikea currently has a kitchen and bedroom planning studio in Tottenham Court Road.
Last year, it revealed plans to open a store in Hammersmith, West London.
Topshop’s Oxford Street flagship store launched a sale process with a £420 million price tag earlier this month.
The building, which was valued at £500 million two years ago, is being advertised as an opportunity to introduce a “new age retail concept”.
The sale process – named Project Infinity – is led by real estate adviser Eastdil Secured on behalf of KPMG, which was appointed administrator to Redcastle 214 – the company that held the building when Arcadia collapsed in December.