Photo: Peter Muhly / Getty

Ikea is expanding the number of markets in which it offers online sales, and opening dozens of new, urban small-format stores (roughly 1/4 the size of a typical 80,000 square foot outlets, and which won't feature the company's famous meatball-serving cafeterias).

Why it matters: Ikea CEO Jesper Brodin tells Bloomberg that his company is moving at "revolutionary speed" to adapt to the future of retail. Foot traffic at Ikea stores has been flat for a number of years, suggesting that the rising share of young people — Ikea's key demographic — are choosing to live in urban areas far from a typical Ikea's exurban location.

Our thought bubble: If it is young people's greater tendency to live in urban areas that is hampering Ikea's growth, small format stores will boost sales only if Ikea can simultaneously make online shopping and delivery cheaper and more convenient. Carless yuppies aren't going to lug bookshelves on the subway or in an Uber, if companies like Amazon or Wayfair can get them the same product delivered to their doorsteps at comparable prices.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12 a.m. ET: 33,282,969 — Total deaths: 1,000,867 — Total recoveries: 23,066,203Map.
  2. U.S.: Total confirmed cases as of 12 a.m. ET: 7,148,009 — Total deaths: 205,069 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.

Bob Woodward: "I was not going to hide" my opinion on Trump

Bob Woodward didn't want to join Senate Republicans in privately condemning President Trump but declining to do so publicly, he told Jonathan Swan in an interview for "Axios on HBO."

Why it matters: Woodward has covered 9 presidents, but Trump is the first that Woodward explicitly described as "the wrong man for the job."

Watch the full Jonathan Swan interview with Bob Woodward

In the latest episode of "Axios on HBO," Jonathan Swan interviews Bob Woodward about his new book, "Rage," which was based on 19 interviews with President Trump.

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