IKEA Abandons Store Plans

IKEA (Leidan, Netherlands) has reportedly pulled out of plans to build and open new stores in at least three different U.S. suburbs as the company embraces a new business model that focuses more on encouraging online shopping than bricks-and-mortar expansion.

According to The Tennessean, the company has abandoned plans to build new stores outside of Nashville, Tenn.; Raleigh, N.C.; and Phoenix. However, the company has not officially confirmed the news.

The Nashville store was supposed to be 341,000 square feet and was tentatively set to open in 2020. The company originally announced plans for building and opening this new store about a year ago.