In South Korea, Ikea opens biggest store to lure tiny households

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.