Ikea’s opens its first small-format store in the U.S.

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Home goods retailer Ikea has opened its first small-format store in the U.S., the company announced Monday. Located in New York City’s Rego Center shopping mall, the store is 115,000 square feet, and joins more traditional Ikea warehouses in the New York City area and the Planning Studio that opened in Manhattan in April 2019. “Every detail was created with the unique needs of New Yorkers in mind, from the proximity to public transportation and delivery and assembly options, to the wide product range curated specifically to meet their dynamic lifestyles,” said Shahab Mollaei, Ikea Queens’ market manager, in a statement. Ikea aims to make 100% of its last-mile New York City deliveries via electric vehicle by the end of this month. The SPDR S&P Retail ETF has gained 54% over the past year while the S&P 500 index is up 16.7% for the period.
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