That is how many locations IKEA is closing in China as of February 2.
🇸🇪 A "Screw" Loose in the Housing Market: IKEA is reacting to the ongoing property crisis and weak consumer sentiment in China. The closures affect locations in Shanghai, Guangzhou, and Harbin.
📉 Flat-pack Pricing: With an investment of 23 million USD, IKEA is slashing prices on 150 bestsellers. As the market for furnishing new homes collapses, the focus is shifting radically toward the renovation and replacement business.
Watch: IKEA is choosing precision over scale. More than ten small-format city stores are set to open in metropolises like Beijing and Shenzhen. China remains a strategic priority, but the footprint is becoming more compact, digital, and integrated into the daily lives of urban dwellers.
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