Ikea’s China remodelling: parent firm puts 8 former retail sites on block

Ikea’s parent company Ingka Group has hired property consultancy JLL as its sole sales agent to offload eight retail properties in mainland China, the multinational furniture brand’s largest asset disposal since it entered the market nearly 30 years ago.Seven of the properties were Ikea stores that ceased their operations in February. The remaining one, a site in Guiyang in the southern province of Guizhou, shut down in 2022 and has been vacant ever since, according to disclosure from JLL last week.The move comes as the company grapples with China’s sluggish property market and consumer spending, which have weighed on demand for its products.