Ikea has reportedly agreed to take on Topshop’s flagship store on Oxford Street for around £385m. According to real estate publication React News the Swedish furniture giant has also bought the 73,000 sq ft NikeTown and a 4,700 sq ft Vans shop, adjacent.

Ikea is thought to be planning a sustainable flagship store at the Oxford Street site, which is in the heart of one of London’s most popular shopping districts and once saw 400,000 customers each week before TopShop disappeared from our high streets.

IKEA has launched its Buy Back scheme for second-hand furniture (Jacob King/PA)

A spokesperson for Ikea said: “We are on a journey to create a new Ikea that is even more affordable, accessible and sustainable.”

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“As part of our accessibility plans in the UK & Ireland, we are constantly looking for new ways to better meet our customers’ needs.

“This includes investing in our online offer, rebuilding and adapting existing Ikea stores, and exploring different formats and locations as part of a new city centre approach. We review our expansion strategy on an ongoing basis but have no plans to share at this time.”

The furniture giant said it had been recently hit by issues in its supply chain, caused by a series of simultaneous challenges and launched its delayed “Buy Back” scheme allowing customers to sell their old furniture back to the retailer.