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Sunday, July 14, 2024

IKEA dumps plans for large new stores

Large Swedish home furnishings firm IKEA, stung like other retailers by the expansion of online shopping, is selling property it had acquired for four new stores in Norway. Now IKEA also plans to concentrate on digital platforms.

Shoppers are spending less money in stores and more online. That’s leading to a rise in store closures worldwide, also in Norway, and now IKEA is altering its strategy to adjust to the trend.

Large retail warehouses will no longer be built at Vestby south of Oslo, at Danebu near Sandefjord, in Ålesund or Tromsø, and the land bought to accommodate them will be sold. State broadcaster NRK reported that IKEA is only moving forward with one additional new retail store, at Forus in Stavanger.

IKEA currently has seven retail establishments in Norway and had plans for more, also in Akershus and Møre og Romsdal. IKEA’s chief in Norway, Clare Rodgers, said the company no longer has expansion plans beyond digital sales methods and some new warehouses. staff



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