When the IKEA store opens in London in 2019, it will have company.
The south London Costco is moving south on the parcel of land it’s currently located on to be beside the new Ikea store.
The two big-box retailers will be located at Wellington Road and Highway 401.
“(It will be) a big improvement for the Costco store itself which is, as I understand it, undersized for their current footprint,” CBRE vice president Peter Whatmore told AM980.
“They’ll be able to enlarge the store and have a gas bar at the new site within the development.”
The new Costco will be 25,000 to 35,000 square feet larger than the current store and will feature a gas bar. The combination of the two big-box stores will create a retail power centre at Wellington Road and Highway 401 that Whatmore believes will entice more businesses.
“With those two anchors, what’s going to follow? I think there will be further announcements in the months ahead as to how the development’s going to get built out.”
It’s expected the timing of the move will coincide with the opening of the new Ikea store.
Costco declined to comment on the move to AM980.
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