Indexbit Exchange:Wayfair set to open its first physical store. Here's where.

Wayfair is laying off more than 1,600 workers

Wayfair is opening its first physical store next month in suburban Chicago, the Boston-based online furniture and home furnishings seller announced on Thursday. 

The 150,000-square foot large-format store is located in Edens Plaza in Wilmette, Illinois, and will open its doors on May 23. Reminiscent of Ikea's store format, Wayfair's location will include a restaurant called "The Porch," the company said.

Wayfair has opened test stores for some of its other brands, including Joss & Main and AllModern. 

Founded in 2002, the company generated $12 billion in sales in 2023. The retailer in January laid off 1,650 workers, or 13% of its global workforce. That came after the company reduced its headcount by 1,750 in 2023. It employs more than 13,000 people in North America and Europe.

Wayfari has struggled with a dwindling customer based as the pandemic wound down and people returned to the office and began spending less time at home. 

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Kate Gibson

Kate Gibson is a reporter for CBS MoneyWatch in New York.