Swedish furniture retailer Ikea will begin leasing furniture out in a bid to change the way in which customers own products, according to the Financial Times.
The company stated that the first trial will take place in Switzerland this month and will include various types of furniture. The Chief Executive of Ikea and owner of Inter Ikea Torbjorn Loof told FT that "we will work together with partners so you can actually lease your furniture. When that leasing period is over, you hand it back and you might lease something else," adding that the company would then refurbish returned furniture before selling it on, thereby extending its lifespan.
The trial is Ikea's attempt at opening the door to "scalable subscription services" for different types of furniture, which is in turn part of its overall business transformation model. The company previously announced in November it will cut 7,500 jobs over the next few years and create 11,500 more in an effort to shift its business focus to the digital arena and new store formats in downtown areas.