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.
