Ikea to Open 50 Small-Format Stores Worldwide

Ikea is gearing up to open 50 more stores this year, with an emphasis on smaller locations in cities and urban centers. The expansion is part of parent company Ingka's "global ambition to evaluate opportunities within 40 major cities across Europe, Russia, North America, Asia, and Oceania" in order "to introduce their vibrant, urban destinations" to the company's portfolio. In the US, new store locations will open in cities including New York, Los Angeles, and Chicago. "This is how we have accelerated in our ambition to become more accessible," Jon Abrahamsson Ring, Ikea's newly appointed chief executive of brand said. The announcement comes as many retailers struggle to stay afloat against the global pandemic, as several took significant sales hits due to the temporary shuttering of stores in response to the coronavirus.