The only IKEA in Queens will close before the end of the year (2024)

FAQs

The only IKEA in Queens will close before the end of the year? ›

Less than two years after opening and exciting city dwellers all over town, the Ikea in Queens is officially closing. Citing "the changing needs of our customers" in an announcement on its website, the chain revealed that the location will shutter on December 3, 2022.

“We first announced the Ikea Queens location in September 2019, and at that time we were confident in our plans. In the last few years, there have been many factors that contributed to not meeting our goals including supply chain issues and lower than expected foot traffic, among other unforeseen circ*mstances.

IKEA Brooklyn, located in the Red Hook neighborhood of Brooklyn, NY since 2008, is a popular, affordable New York City furniture shopping destination, and is also convenient for visitors coming from across the New York City metropolitan area, Long Island and northeast New Jersey.

IKEA's 112K SF store at Rego Park, which opened in 2021 as IKEA's first smaller-format store in the U.S, was closed in December 2022 when the Swedish furniture giant pivoted to a different growth strategy.

Today, all the IKEA stores (except the IKEA Delft store in the Netherlands, which is owned by Inter IKEA Systems B.V.) operate under franchise agreements. Inter IKEA Systems B.V. is the owner of the IKEA Concept and worldwide IKEA franchisor.

Ikea is the latest big name to announce it is closing all its stores. The Swedish home furnishings firm has announced it is closing all of its UK and Ireland branches as a result of the coronavirus crisis. The company has two major stores in the North West in Warrington and Ashton-under-Lyne in Manchester.

Global furniture and homeware retailer IKEA has been criticized for various issues, including their raw material sourcing, the size of their stores, the impact of their stores on local communities, legal violations, and unfair or discriminatory business practices, among others.

Making products in bulk means IKEA also purchases materials in bulk, which is the best way to earn a discount in the manufacturing process. Just like you, the consumer, pay less for bulk items at places like Costco or Sam's Club, IKEA gets a cost break for producing in higher quantities, according to House Digest.

Did you know? IKEA is named after the initials of founder Ingvar Kamprad, Elmtaryd, the farm on which he grew up, and Agunnaryd, the nearby village.

IKEA reaches millions of hearts and homes all over the world. And it all began in a small Swedish town in the 1940s, with an enterprising boy who hoped to be able to create a better life for people everywhere.

Is IKEA still private? ›

IKEA is one of the world's largest privately held companies and has been the world's largest furniture retailer since 2008. The complicated corporate structure of IKEA allows for its parent company—a nonprofit foundation—to minimize its taxes.

You can't buy Ikea stock because it's a private company owned by a foundation (Inter Ikea Foundation) with the express purpose of protecting its independence. Given that ownership structure, investors might never get the chance to buy shares of Ikea in an IPO.

Alternative smaller store formats. The majority of IKEA stores are located outside of city centres, primarily because of land cost and traffic access.

Feodor Ingvar Kamprad (Swedish: [ˈɪ̌ŋːvar ˈkǎmːprad]; 30 March 1926 – 27 January 2018) was a Swedish billionaire business magnate best known for founding IKEA, a multinational retail company specialising in furniture. He lived in Switzerland from 1976 to 2014.

IKEA furniture is mainly designed in Sweden but mostly made in China. IKEA sources from 55 markets and has about 1,600 suppliers (1,000 supply home products). Chinese suppliers manufacture over 22% of IKEA's products. Manufacturing of IKEA products also takes place in neighboring countries like Vietnam and Myanmar.

IKEA has more than 1200 furniture suppliers around the world, as well as 100 food product suppliers and 275 transport service providers. The five countries that supply the majority of products and services to IKEA are China, Poland, Italy, Germany and Sweden.

It is precisely in Ukraine, in the Carpathian Mountains, that Ikea is involved in another environmental scandal. Its Ingolf and Ekedalen chairs, which sell by the thousands each year, were made of beechwood from trees illegally felled in primary forests, as revealed by NGO Earthsight in 2020.

By the turn of the millennium, it had been almost 20 years since IKEA made its first failed attempt to set up business in Japan. The embarrassing retreat of 1986 was still fresh in the collective IKEA memory, so the return was handled with great care and humility.

You can't buy Ikea stock because it's a private company owned by a foundation (Inter Ikea Foundation) with the express purpose of protecting its independence. Given that ownership structure, investors might never get the chance to buy shares of Ikea in an IPO.