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IKEA has announced the shock news that it is proposing to close its landmark Coventry store this summer.

The retailer said 325 jobs will be affected, with a period of consultation due to take place.

The furniture giant cited the size of the store over seven levels and the shopping experience for customers as reasons behind the plans.

It said they had led to "consistent losses".

Marsha Smith, Area Manager IKEA UK and Ireland said, “As we go through this process, our priority is to support our co-workers in the Coventry store.

"Our ambition is to retain as many people as possible within IKEA, and where this isn’t possible, support them to find new employment.

"We will work closely with our co-workers, impacted suppliers, unions and other trusted partners to ensure all our co-workers receive all the support they need.

“We feel privileged to have been part of the community for the last 12 years and I would like to thank our co-workers, customers and partners, who have contributed throughout this time.”

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During the consultation period, the Coventry store will remain open, before the proposed store closure in summer.

IKEA’s Coventry store, one of 22 IKEA stores in the UK, was built in 2007 in the city centre and was one of the retailer’s earliest examples of testing a new format to meet its customer’s changing needs and expectations.

'Changing tastes'

Ikea have cited operating costs as a reason behind the proposals, similar to other big names that have felt chill winds on the high street.

Competition from retail parks and online retailers also seem to have taken their toll.

Announcing the news, Ikea said: "Given its location and the size of the land available at the time, the store was built over seven levels, which resulted in a significant impact on the operating costs of the store and the shopping experience for customers.

"In addition, the changing behavior of customers in the area who prefer to shop in retail parks and online has resulted in visitor numbers being substantially lower than expected and continuing to decrease over time.

"These factors have led to the store making consistent losses."