Ikea has shut seven large stores in China, as the furniture retailer’s new strategy takes shape against a challenging consumer backdrop in the mainland.
Big stores in cities including Shanghai, Guangzhou and Nantong closed on Monday after what the Swedish furniture retailer described as a “store network optimisation”.
Ikea’s strategic shift to smaller stores comes as China’s consumer markets struggle to gain momentum amid a prolonged property slowdown that has weighed on sentiment.
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