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(As on Nov 22, 2018, 12:03)

Ikea to cut 7,500 jobs as customer behaviour changes

Swedish home furnishings giant Ikea says it is cutting 7,500 jobs worldwide, partly as a result of a new strategy to open shops in city centers to complement its larger stores.

Ikea says the cutbacks will allow it to focus "on its e-commerce platform, to better meet the needs of its customers and be more convenient and affordable to many more people."

The company is opening stores in 30 major city centers to diversify its reach.

Jesper Brodin, CEO of Ingka Group the largest retailer within the Ikea franchise system said Wednesday: "We recognise that the retail landscape is transforming at a scale and pace we've never seen before" and Ikea needs to be "investing and developing our business to meet their needs in better and new ways.

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