IKEA Shuts 7 Stores in China Amid Housing Slump

A man passes the dragon Lantern display at an IKEA store in Wuhan, Hubei Province, China, on Feb. 11, 2024. Getty ImagesIKEA shut seven large stores in mainland China on Feb. 2, scaling back some of its best-known big-box locations as weak housing demand and changing shopping habits reshape the market.The closures, spanning major and mid-sized cities, come as China’s prolonged property downturn continues to dampen demand for new-home furnishings, while more consumers browse online and expect faster delivery.