Ingka Centres, part of the Ingka Group, has acquired Kings Mall shopping centre in Hammersmith, London from Schroder UK Real Estate Fund. Ingka Centres plan to transform the shopping centre into a new IKEA-anchored urban, mixed-use destination, helping to regenerate the Hammersmith area.
The acquisition is Ingka Centres’ first in the UK and represents a milestone for the company, which in 2018 announced a new strategic vision and investment of €7.3 billion to transform its business in response to the changing retail environment.
Kings Mall will be the first mixed-use project in a downtown location, anchored by an IKEA city store. These urban projects are designed to complement IKEA retail’s strategy of opening smaller format stores in inner city locations in response to global urbanisation trends, changing customer behaviour and the digitalisation of retail.
The property was acquired from Schroder UK Real Estate Fund and comprises approximately 292,055 sqft, including the shopping centre car park for 604 lots. The volume of investment including acquisition and future redevelopment is approximately £170 million.
“Our urban projects are all about getting closer to more people, and a revamped Kings Mall will be an ideal location for reaching millions of Londoners. Hammersmith is a place where people work, live and spend their leisure time, and we want to be part of it. It is one of London’s main retail, commercial and residential centres, and has excellent public transport links,” said Gerard Groener, managing director, Ingka Centres.
“Our plan to open a new city centre store in Hammersmith is an exciting next-step, as we continue to respond to people’s evolving shopping habits, making IKEA more convenient than ever before. People have been eager to see our affordable range and access our life at home expertise on the high-street for some time, so we’re excited be part of a vibrant local community in Hammersmith and London,” added Peter Jelkeby, country retail manager and chief sustainability officer at IKEA UK & Ireland.
Sustainability will also be at the forefront of the redeveloped Kings Mall. “Our ambition is to redesign the property around our People and Planet Positive strategy, and we will focus on recycling, reusing, improving air quality, reducing customer travel and more. As an operator of high footfall destinations, we believe it is our responsibility to make sustainable living an easy choice. Especially in big cities like London,” explained Groener.
Ingka Centres also says it will invest in digitalisation and innovation as it redevelops Kings Mall to make it more relevant for today’s consumers, who shop in new ways. At its other ‘meeting places’ around the world, it has invested in digital services like hands free shopping, loyalty programmes and online communities that are enabling the company and its tenants to get closer to their customers. It plans to introduce similar features at Kings Mall.
A report from Bain & Company has revealed that the emergence of some positive shopping trendsMay 9, 2021 | By RetailME Bureau
UAE-based RAW recently announced that it would be extending its GCC operations,May 4, 2021 | By Bilal Syed
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
UAE-based Carrefour has opened a new store at the world’s busiest international
Amazon.com Inc. will supplant Walmart Inc. as the biggest U.S. retailer by 2025, according to
The once powerful department stores that anchored malls and streets around the
FILA has opened its new futuristic flagship store in Dubai Mall. The 158m²
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
UAE-based Times Square Center is getting ready to reveal its newly refurbished,
A private helicopter carrying the chairman and managing director of Lulu Group,
According to a new report by GlobalData, the penetration of online sales
In a 180-degree turn from 2020, retailers’ expansion plans are outpacing plans
Research by GlobalData found that eBay’s job postings in the US and
UAE-based Majid Al Futtaim has officially opened its newest lifestyle and retail