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.
The first two days of the 25th edition of Beautyworld Middle EastOctober 6, 2021 | By RetailME Bureau
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
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
JD Sports Fashion has announced the appointment of Bert Hoyt as its
The Sultanate’s largest shopping destination, Mall of Oman, which opened its doors
Online retail giant, Amazon has announced plans to open department stores in
Dubai Outlet Mall has announced a strategic partnership with Lulu Group to
adidas has announced that it will sell Reebok to Authentic Brands Group
The Ministry of Human Resources and Social Development in Saudi Arabia has
UAE-based REDTAG will launch its specialized, new outlet in City Centre Deira
E-commerce giant Amazon’s founder Jeff Bezos has stepped down as CEO, handing
American clothing retailer, PVH has increased the number of active job advertisements
Extravagant, conceptual, great food and views are some of the ways that
UAE-based Al-Madina Group opened two new projects, Crown Mall and Mango Hypermarket,
As the UK begins to return to normality, Father’s Day shoppers are