00:00Over the following years, IKEA continued to grow at a rapid pace and it began to attract a lot of
00:06attention from competitors who wanted to replicate its success. To stay ahead of the competition,
00:12Ingvar decided to expand internationally for the first time. In 1973, he opened a new showroom
00:19outside of Stockholm that featured a restaurant. This marked the beginning of the end for rival
00:24furniture companies because no one else had thought of providing furniture showrooms with
00:28restaurants. It wasn't long before other companies tried to copy this move as well, but by then,
00:34Ingvar had taken his business to yet another level. He decided to start offering customers low prices
00:39and the freedom to pick up their purchases and transport them themselves. Not only did this
00:45significantly reduce delivery costs, but it also helped the company offer even lower prices to
00:50customers. This move was so successful that other companies tried to compete with it by offering
00:55delivery services for an additional fee. But this wasn't a viable option for Ingvar because he
01:00always believed that low prices should be accessible to everyone. As you can imagine,
01:05implementing this business model required an extensive amount of research and planning.
01:10So, before opening each new store, Ingvar hired economists to study the local cost of living.
01:16That way, he could make sure that his prices were low enough to meet the needs of people in each
01:20community. Throughout the 1980s, Ingvar had a report on the
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