Ikea opens a new shop on Fifth Avenue in Manhattan
Ikea expands in New York with a new shop on famous Fifth Avenue
1' min read
1' min read
Ikea arrives on Fifth Avenue in Manhattan, New York.
Ingka Investments, part of the Ingka Group and Sweden's largest retail chain franchise, has partnered with Gary Barnett's Extell Development in its new tower at 570 Fifth Avenue. Ingka Investment will own nearly 7,500 square metres of retail space in the tower and a one-third stake in the rest of the building, Bloomberg reported.
The company stated that the Fifth Avenue retail space should include a 'meeting point for customers', but the details of the plan for the space remain unclear.
Ikea joins other famous retailers this year who have signed up to occupy the coveted retail space along the famous street, including Prada at 730 Fifth Avenue and Gucci at 717 Fifth Avenue.
A statement from Ingka Group says the deal marks 'a significant step in Ingka Group's long-term strategy to improve its commercial presence in the city centre'.
