In South Korea, Ikea opens biggest store to lure tiny households
In this article (5)
Iconic Swedish furniture retailer Ikea built its biggest store in the world to serve South Korea’s shrinking households, targeting millions of people living alone with Korea-only items like super-sized single beds and in-store kimchi rice.
The store opened on Thursday in Gwangmyeong, less than an hour’s drive or 14 minutes by train from central Seoul, with a sales space nearly as big as the Louvre museum at 59,000 square metres. The previous record-holder at Ikea, known for its inexpensive, self-assembly products, was in Stockholm spanning 55,200 square metres.
Stiff domestic competition and sluggish spending have made South Korea an unhappy hunting ground for global retail giants like Wal-Mart and Carrefour, who exited years ago. But Ikea’s design appeal to South Korea’s urban crowds, and few big local rivals, leave it well placed, retail experts say.
Questions & Answers
Q.What specifically makes this new Ikea store the biggest in the world?
What specifically makes this new Ikea store the biggest in the world?
The new Ikea store in Gwangmyeong, South Korea, has a sales space of 59,000 square metres. This figure surpasses the previous largest store in Stockholm, which spanned 55,200 square metres.
Q.Which specific demographic is Ikea targeting with this new store in South Korea?
Which specific demographic is Ikea targeting with this new store in South Korea?
Ikea is targeting millions of people living alone in South Korea. The store aims to cater to the country's shrinking households, offering items like super-sized single beds tailored to local needs.
Q.How do retail experts view Ikea's prospects in South Korea, given previous failures of other global retailers?
How do retail experts view Ikea's prospects in South Korea, given previous failures of other global retailers?
Retail experts believe Ikea is well placed due to its design appeal to South Korea's urban population and a lack of significant local competitors. This contrasts with past struggles faced by retailers like Wal-Mart and Carrefour.
Q.Where exactly is the new Ikea store located in South Korea?
Where exactly is the new Ikea store located in South Korea?
The new Ikea store is located in Gwangmyeong. This location is less than an hour's drive or a 14-minute train journey from central Seoul, making it easily accessible.
Reader pulse
Is Ikea's tailored strategy for South Korea's households a smart move?
17,064 votes so far