Ikea has pushed back the opening of its flagship store on Oxford Street until next year, in what is the latest blow for Britain’s busiest high street.

The Swedish furniture giant said the three-storey site once occupied by Topshop will now open in autumn 2024, as development takes longer than expected.

Ikea had initially been planning to open the city centre store, which is located next to Oxford Circus station, by November this year.

The London site is owned by the investment arm of Ingka – the largest franchisee of Ikea.

Peter van der Poel, the managing director at Ingka Investments, said: “When refurbishing this over 100-year-old historic landmark, it’s important for us as an investor to treat the building with care and to preserve its characteristics and atmosphere.

“At the same time, we want to upgrade it to today’s standards with the best possible sustainability credentials.

“To ensure all of this, the extensive refurbishment will take more time than initially anticipated.”

It comes as Marks & Spencer faces a challenge down the street, where its Marble Arch store development faces opposition from Michael Gove.

The Housing Secretary said the proposals risked damaging the heritage of the area and “fail to support the transition to a low carbon future”.