Ikea is betting that spending over a billion dollars to slash prices will pay off

Ingka Group said it was slashing prices for hundreds of Ikea products in Europe. Riccardo Milani / Hans Lucas / AFP via Getty Images Ikea is cutting prices on some popular products, like the Billy bookcase and Kallax storage units. Ikea's operators said they are investing 1.2 billion euros to reduce prices in Europe.

The Swedish retailer joins a growing list of companies lowering prices to help cash-strapped consumers