Walmart and Wayfair are getting some competition in the retail home furnishings center space from a familiar, powerful brand: IKEA.
The Swedish company announced that it is investing $2.2 billion in its omnichannel growth strategy in the United States, opening eight new stores over the next three years – the largest investment in four decades of doing business in the U.S.
Seeing cuts in consumer spending lately, big-box retailers Walmart and online furniture retailer Wayfair have been cutting jobs and shutting stores, creating an opportunity for IKEA to pick up cheaper retail and warehouse space.
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