Ingka Group Announces Major Manhattan Development
Jul/05/2024
Ingka Group's investment arm, the largest Ikea retailer, unveiled plans on Monday for a 1 million-square-foot mixed-use commercial building in Manhattan. This project marks the first office tower to commence construction in New York City post-pandemic and will feature an 80,000-square-foot, two-level Ikea customer meeting point at 570 Fifth Avenue. Emphasizing urban growth and evolving consumer shopping preferences, the development aligns with Ingka Group's strategy of enhancing its retail presence in city centers. Recent store openings in major cities like Tokyo, Madrid, Paris, and London, along with planning studios in Vienna and Berlin, underscore this approach. Scheduled for tenant delivery in 2028, the LEED Gold-certified tower is developed in partnership with Extell Development Company. Ingka Investments, holding a one-third stake, aims to drive sustainable economic growth and foster strong business communities. Additionally, Ingka has invested in Waabi, an AI self-driving tech company, signaling its commitment to innovation. The company also noted that the majority of Ikea customers begin their shopping journey online, prompting expansion of digital and smaller format stores. Charts below highlight Ikea's sales share by region in 2023 and leading furniture online shops by brand awareness in the United States.
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