Furniture retailer Ikea India on Thursday said it will shut down its store in Mumbai's R City Mall by the middle of this year and explore omnichannel formats in the city.
The store at R City Mall, which is spread across 72,000 sq ft, opened in June 2022 to test the viability of small-format stores.
The company's plan to shut down the store illustrates the concerns surrounding the viability of running a small-format store, given the rising rentals.