Ikea takes Manhattan and sees double as retailer preps new store in SoHo neighbourhood

Ingka Investments, the investment arm of Ingka Group, the largest Ikea retailer, reports the acquisition of a retail and office property at the intersection of Broadway and Spring Street in the USA for a second Ikea store in Manhattan.

This will see the existing retail property at 529 Broadway turn into a mixed use building combining retail and office space. It follows last year’s investment in 570 Fifth Avenue.

The deal brings Ikea to the centre of SoHo, one of New York’s top retail destinations with over 12.2 million annual visitors. Ingka Investments will operate the entire building, comprising of five and half floors plus a lower level, totaling 53,000 square ft (4,924 sq m).

Built in 2016, it is one of very few newly constructed properties in SoHo, designed to complement its historic surroundings while offering modern retail and office spaces. The Ikea store will occupy the first and second floors, with the lower level used for storage and other back office facilities, covering approximately 25,000 sq ft (2,300 sq m). The upper four floors will be renovated for office use.

Peter van der Poel, Managing Director of Ingka Investments, says: “This marks our fourth acquisition of prime commercial real estate to support Ikea’s growth in the world’s leading cities.”

“Through property ownership, we can secure Ikea presence at the most important retail hubs while keeping affordability at the core. This new location in New York City allows us to continue offering inspiring and accessible home furnishing solutions to everyone, regardless of their budget.”

The acquisition is part of Ingka Group’s $2.2+ billion investment in the company’s omnichannel growth strategy to open new locations and maximise fulfilment in the US. Over the last years, Ikea US has expanded its physical footprint and strengthened digital and service capabilities to meet evolving customer needs.

Recent new store openings in the US include in McAllen-Pharr and San Marcos, TX, Hunt Valley, MD, Cherry Hill, NJ, and Beaverton, OR.

Javier Quiñones, CEO & Chief Sustainability Officer, Ikea U.S., says: “We are boldly reimagining how we reach and serve our customers, and this new store in the heart of New York City is another step for Ikea to be closer to the many. As we celebrate 40 years in the US, this investment on one of New York’s busiest retail corners underscores our commitment to accessibility and meeting customers where they are.”

2025 RTIH INNOVATION AWARDS

Physical stores will be a key focus area at the 2025 RTIH Innovation Awards.

The awards. which are now closed for entries with our finalists and shortlists being announced last week, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering. 

For further information on the 2025 RTIH Innovation Awards, please fill in the below form and we will get back to you asap.