STORY: While some businesses are turning cautious in the face of global economic gloom,

IKEA is banking on consumers searching for more value for money.

Its owner, Ingka Group, is spending $3.2 billion through 2023 -

much of it to modify its out-of-town outlets so they can also handle e-commerce distribution.

A third of the cash is earmarked for London and the UK: a test bed for new store formats and logistics.

Ingka wants to invest in automation and ship online purchases directly from certain stores,

which they say will make deliveries faster, cheaper and lower emissions.

Over the past two years of disruption and lockdowns, IKEA saw record demand for its cut-price home furnishings.

It's already invested over $2 billion, while adapting to the rise in online shopping.

And now as consumers feel the spending squeeze, Ingka says the timing for IKEA couldn't be better.