Ikea is looking to open 6 new stores within mixed use retail projects that they plan to self-develop over the next 2 years. The company calls these stores “Meeting Places” and will look to high profile cities in core urban markets for this concept which will include an Ikea store, a home goods big box and a mall featuring entertainment uses and other international retail brands.
The standard footprint for these new locations with range between 70k-150k square feet within the overall development. The site selection process in reportedly underway in New York, San Francisco, Los Angles and Chicago.
Ikea plans to self-develop shopping centers and implement themselves as the anchored tenant for these mixed-use projects. Interesting concept and another game changing move for this international company. Recently Ikea has leased distribution centers to facilitate the delivery of online ordered items to compete with online retailers as well as making investments in augmented and virtually reality components to their business. This move was made in order to support consumers in exploring how furniture and other items would look in their homes. In my opinion, this is the way of the future for furniture retailers as they evolve in this new world of consumer preference and available technology.