Ikea opens its first store on New York’s Fifth Avenue in the new tower at number 570
Ingka Investmentsthe largest franchise of IKEAcreated a company with Extell Development by Gary Barnett to land in the new tower at 570 Fifth Avenue in Manhattan, New York’s luxury street. According to Bloomberg, the company controlled by the Swedish furniture giant will own nearly 7,500 square meters of retail space and a one-third share of the rest of the building. It also talks about a “meeting point for customers” but without giving further details.
IKEA follows other famous retailers that have purchased retail space on Fifth Avenue this year such as Prada or Gucci. Ingka Group said in a statement that the deal marks “a significant step in Ingka Group’s long-term strategy to enhance its retail presence in the city center.” The Swedish company announced in 2023 that it plans to expand its presence in the U.S. with 17 stores over the next three years and an investment of $2 billion by Ingka.
The Wall Street Journal reported that Ingka Group in February bought struggling malls with the idea of pairing them with Ikea and its co-working spaces, restaurants and children’s play areas. Small stores, however, are limited to city centers.
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