Listen Now: Expanding With IKEA
IKEA is expanding–into your nearest shopping mall.
In a time when businesses are closing and major retail chains are filing for bankruptcy, IKEA shopping centers are moving into neighborhoods.
The company behind the plan is one of the world’s biggest mall owners. Its general manager says the pandemic has not changed its plans and they aim to build around local community needs.
The company owns most IKEA stores across the world and says the amount of foot traffic tells them people still want to shop. He says people want to meet, shop and entertain themselves outside the home. So, the company is looking to enter the United States with a focus on New York, Los Angeles, San Francisco and Chicago.
And it’s all starting with the city by the bay. Last week, the company purchased a San Francisco city center mall that’s been empty since it was built in 2016. The total investment in the mall will be $260 million and will be anchored by IKEA.
They’re going to build it–we’ll see if the people come.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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