When two retail giants face downturns, their survival depends on bold changes. Ikea and Best Buy — both household names — found themselves at crossroads. Their journey of decline, pivot, and reinvention carries powerful lessons for sneaker resellers aiming to grow in an ever-competitive market.
The Problem
Ikea Sales Slump. Best Buy Struggles.
For only the second time in 20 years, Ikea’s revenue fell — a shocking dip for a company that seemed untouchable. Meanwhile, Best Buy faced its third consecutive year of sales decline. Both brands had built strong reputations, but that wasn’t enough to shield them from changing consumer behaviors.
What does this mean for resellers? Over-reliance on a single sales model can be fatal. Ikea leaned too heavily on physical “pilgrimages” to its massive stores. Best Buy depended on in-store gadget shopping. Both missed opportunities to evolve before the market shifted.
For sneaker resellers, depending solely on StockX or GOAT is the same risk. If one channel falters, your entire business feels it.
Challenges
Why Did They Struggle?
First, they underestimated the rise of online-first competitors. Younger shoppers weren’t interested in long in-store trips. Ikea’s heavy discounting to boost sales eroded profit margins. Best Buy, once a go-to for tech, faced price competition from Amazon.
For resellers: Discounting is not a growth strategy. It attracts bargain hunters but devalues your brand. Instead, focus on offering unique value — curated drops, bundles, or premium service — rather than racing to the bottom on price.
Moreover, the inability to keep up with changing customer tastes is deadly. Just like Ikea failed to refresh its appeal for younger shoppers, resellers who ignore shifts in sneaker culture (community-driven releases, collaborations) will lose relevance.
The Pivot
Ikea Teams Up with Best Buy
To fight stagnation, Ikea did something bold: it partnered with Best Buy. Through their “shop-in-shop” concept, Ikea kitchens and laundry rooms are now displayed inside Best Buy stores, merging furniture inspiration with tech convenience.
This move gives Ikea access to Best Buy’s tech-savvy shoppers and Best Buy access to Ikea’s home-focused audience. It’s a strategic marriage that expands reach without building new infrastructure from scratch.
For resellers: Think partnerships. Could you collaborate with local streetwear brands, boutique sneaker stores, or event organizers? Partnerships open new doors and broaden your audience — just like Ikea and Best Buy did.
Lesson 1
Diversify Sales Channels
If Ikea taught us anything, it’s that depending on a single channel is a gamble. For sneaker resellers, it’s time to look beyond StockX or GOAT. Build direct-to-consumer options (Shopify stores), explore pop-up shops, or consign with boutiques.
Diversifying means more stability, more control, and higher profit margins.
Lesson 2
Bundle Experiences
Best Buy and Ikea didn’t just place products side-by-side — they created experiences. Imagine offering sneaker bundles: kicks paired with exclusive apparel, collectible art, or access to private events. This creates higher perceived value and increases average order size.
Bundling also builds hype, giving buyers more reasons to choose you over competitors.
Lesson 3
Collaborate for Growth
Ikea joined forces with Best Buy because collaboration multiplies impact. Resellers can do the same — team up with influencers, streetwear designers, or other resellers for co-branded drops or events. These partnerships expand reach and inject fresh energy into your brand.
Collaboration keeps your offerings exciting and your audience engaged.
Final Takeaway
Resellers: Ready to Pivot?
Ikea and Best Buy’s story proves that even industry leaders must evolve. For resellers, the message is clear: diversify your sales, bundle creatively, and collaborate boldly.
The market moves fast. Your next big step could redefine your business.
