IKEA Acquires Shops At Aura In Toronto
1 min read
Attention all Torontonians, you may be seeing IKEA stores in the heart of the city sooner than you think! In a recent announcement, the retail conglomerate has confirmed it has bought the Shops at Aura Mall in Toronto from private equity firm KingSett Capital.
Ingka Centres, the brand behind the household name, plans to transform the mall into a premier shopping destination for IKEA lovers across the city. The space will comprise ground and first floor retail for the IKEA store, which will open next year. The remainder of the building will mark Ingka Centres' entry into the Canadian market.
"The new downtown format IKEA store will comprise a large proportion of the redeveloped mall," an Ingka Centres spokesman stated in the announcement. It will be the first inner-city store of its kind to grace the Canadian marketplace and is apart of the long-term strategy to move locations towards larger city hubs.
Learn more about the furniture group's strategy shift towards inner cities.
Reference
Ringstrom, A. (2021, March 25). IKEA's malls ARM buys retail property in the centre of Toronto. Retrieved March 25, 2021, from https://www.nasdaq.com/articles/ikeas-malls-arm-buys-retail-property-in-the-centre-of-toronto-2021-03-25
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