IKEA is to invest €3 billion, about $3.16 billion, in opening city-center stores and outfitting existing big-box locations to act as distribution hubs for online orders as the furniture giant looks to adapt to changing shopping habits.
The retailer has for decades focused on sprawling, out-of-town stores that act as showrooms, storage depots and restaurants. But in recent years, IKEA has been experimenting with new formats, opening smaller, city-center stores and working to build up its online offerings.
Ingka Holding BV, the biggest owner and operator of IKEA stores, on Monday said the investment in stores would be made by the end of 2023 and was aimed at accelerating its expansion by being more accessible to customers.
Source: Wsj
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