Ikea is planning to open its first store in Midtown Manhattan — and its second location in the Big Apple — on the heels of its promise to cut prices of its goods in the US.

An IKEA store will be opening in the heart of the Fifth Avenue shopping district in Manhattan as a prime anchor of a new office tower, the majority owner of IKEA stores announced Tuesday.

Ikea has arrived in Manhattan. But the Big Apple isn't getting a standard big blue box store. Instead, the global furniture giant will launch a planning studio on Monday. The studio will employ ...