IKEA will close its Memphis location on May 3rd, the company announced Tuesday morning.
Company officials said the decision after a comprehensive review of market share, business performance, cost structure, and overall optimization of physical assets.
”As customers’ needs change, IKEA continues to evolve to better reflect how and where people want to meet the brand today,” the company said in a statement. “This includes opening new stores, transforming existing ones, and, when needed, closing locations.”
The Memphis store closing comes after IKEA opened 14 new stores last year and has plans to open more new stores this year. These and other ongoing investments in the U.S. total $2.2 billion.
This story will be updated with more details as we get them.