IKEA Plans NY Store in New Skyscraper

Ingka Investments (Leiden, Netherlands), owner of most IKEA stores worldwide, has unveiled plans to take a one-third stake in Extell’s new skyscraper being built at 570 Fifth Ave. in New York, including 80,000 square feet for a retail store. The store, which the company describes as an “IKEA customer meeting point,” will be in the building’s lowest two levels.

Extell will own the other two-thirds of the tower, which is slated to debut in 2028. Financial terms weren’t disclosed.

Ingka Group says the investment is another step in its strategy to evolve its retail operations by adapting to urban growth and changing consumer shopping preferences.

“This next phase of our investment and expansion in the U.S. signals our commitment to bring IKEA closer to people in city centers,” says Peter van der Poel, Managing Director of Ingka Investments. “While we are in the very early stages of planning for the IKEA location, we can promise to deliver an experience that is full of inspiration and designed to meet the home furnishing dreams of the many New Yorkers.”

Since 2019 Ingka Group has opened stores and shops in major cities, including Tokyo, Madrid, Paris and London, as well as planning studios in Vienna, Barcelona, Berlin and Prague.