Coventry's empty Ikea site will lose Coventry £9m a year, experts warnCoventry city centre faces losing £9million a year in tax and wages as long as the vast IKEA site remains empty, according to a stark estimate from a property expert.
The former flagship store shut in February 2020 but the seven-storey building has remained shuttered-down in a prime part of the central shopping district.
CoventryLive took part in a walkabout today (Thursday, October 1) where two council cabinet members and an officer talked about the reshaping project.
But the continued absence of a new tenant for one of the largest retail units in the city will have a “notable impact”, according to a property expert.
Ikea has remained tight-lipped about any negotiations for the site, which was being marketed over the summer.
The lost business tax revenue has been estimated at around £1million per year.
Based on wages for 352 staff, calculated on the average net £22,545 salary for Coventry, another £7,935,840 can be added to the hit.
James Forrester, Managing Director of Barrows and Forrester estate agents, said: “The closure of Coventry Ikea is going to have a pretty notable impact for the city through lost business tax revenue and more importantly, for those who will find themselves out of work."
Cllr Jim O’Boyle, cabinet member for jobs and regeneration, who took part in the walkabout, said today that there was no update to an “ongoing conversation” about the future of the site.