IKEA to open a store on New York City’s Fifth Avenue

After years of anticipation, Swedish home goods franchise IKEA is moving to Manhattan. IKEA’s sprawling, blue-and-yellow warehouses have long been fixtures of the interstate, and this move adds to IKEA’s growing foothold in urban city centers. Just blocks away from the Yale Club or the glitzy storefront of Saks Fifth Avenue will be that all-too-familiar maze of minimalist sofas, residential-style rooms outfitted with fake TVs, and, of course, Swedish meatballs. 

Set to open in 2028, the IKEA will be located in a new mixed-use commercial building slated to be built at 570 Fifth Avenue. Kohn Pedersen Fox (KPF) is behind the design for the tower. The project is a partnership between real-estate developer Extell—responsible for 570 Fifth Avenue—and Ingka Investments, the investment branch of Ingka Group (the owner of the majority of IKEA stores worldwide). Ingka Group will own one third of the tower in addition to the IKEA space, leaving Extell the rest.

A Manhattan IKEA location offers an easier alternative to those unwilling to trek to the store’s other New York locations: via ferry or bus to Red Hook, Brooklyn; or a train or car schlep to Hicksville, Long Island. At 80,000 square feet—encompassing two large cellar levels with a corner entrance on Fifth Avenue—the new storefront will be smaller than the others, which rack up at 346,000 square feet in Red Hook and 227,000 square feet in Hicksville.

Though smaller-scale, Ingka Group has high ambitions for this new IKEA storefront. According to a statement, Peter van der Poel, managing director of Ingka Investments, envisions the store as “changing the way we engage with consumers and playing a part in creating strong, sustainable economies and business communities.” 570 Fifth Avenue is aiming for a minimum LEED GOLD certification and high sustainability standards, including implementing a low carbon model throughout the building.

The new IKEA store represents Ingka Group’s ongoing mission to increase their presence in city centers. Since 2019 alone, the company has opened stores in Tokyo, Madrid, Paris, London, and Vienna, as well as planning studios in Barcelona, Berlin and Prague. As the company noted, the Manhattan location marks a significant step in Ingka Group’s long-term strategy to enhance its city center retail presence.” 

There’s one catch: IKEA has already attempted opening a Manhattan location, twice in fact. A fun-size IKEA, around 7,400 square feet, opened in 1995 at 135 East 57th Street. It was closed within a couple of years. In 2019, a marginally-larger IKEA Planning Studio, offering one-on-one consultation services, arrived at 999 Third Avenue before closing shop after just three years. But unlike previous Manhattan locations, 570 Fifth Avenue will more closely replicate the warehouse-feeling of traditional IKEA stores. 

In a statement, Javier Quiñones, CEO and chief sustainability officer of IKEA U.S., noted: “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.”

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