Ikea looks for growth with older shoppers

Ikea may have built its reputation on inexpensive home furnishings, but now the company is working to improve quality in order to meet changing customer expectations and an aging customer base.

It's no longer enough to be stylish and inexpensive – products also need to be more durable, according to CEO Peter Agnefjall. The home furnishing market is growing and seeing more retailers expand into the category, including Target, H&M and Amazon.

Ikea is centering its efforts around five product categories to streamline production, reduce costs and improve quality.

And while many retailers and brands today are focused on attracting millennials, Ikea's management sees older shoppers as a prime market. Whereas Ikea is often the store of choice for first-time home and apartment dwellers, there's potential in marketing to those same shoppers a couple of decades later.

For more:
- see this Sydney Morning Herald story