Ikea is downsizing for urban-dwelling Millennials, trading its expansive showrooms and Swedish meatballs for smaller stores. They’re opening locations as small as 900 square meters to cater to those who can’t drive to their massive locations, where little can be purchased on-site—instead, customers can order pieces for pickup or delivery later. The furniture space is increasingly crowded with competitors like Wayfair and Amazon, and Ikea’s e-commerce sales and foot traffic don’t bode well for the brand. Innovating with augmented reality and following the trend of shrinking footprint retail is a start to their fight for younger shoppers. (Bloomberg)
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