Like any entrepreneurial venture, IKEA has faced its share of challenges. These include:
1. Global Expansion: Entering new markets comes with cultural, legal, and logistical hurdles. IKEA's strategy of adapting its stores and products to local preferences highlights the importance of cultural adaptation. 2. Competition: With the rise of online retail and numerous competitors, IKEA must continually innovate to retain its market position. This situation underscores the need for continuous competitive analysis. 3. Sustainability Issues: Despite its efforts, IKEA has faced criticism over its environmental impact. Addressing such concerns is crucial for maintaining its brand reputation and aligns with the principles of corporate social responsibility.