The closure has put 352 jobs at risk with the company promising to consult employees and try to find them jobs in other stores.

Ikea said that the store had made “consistent losses” since its opening in 2007, with customer levels being lower than expected.

The Usdaw union labelled the news as “devastating” for staff.

Dave Gill, national officer for the Usdaw union, commented: “Our priorities are to seek redeployment opportunities, minimise compulsory redundancies and secure the best deal we can for our members.”

Ikea has 22 stores across the UK and has emphasised that it remains committed to growth.

The firm said that the Coventry site had been built in the city centre as one of its earliest examples of testing a new format to meet customer’s changing needs, the BBC reports.

Ikea said: “However, given its location and the size of the land available at the time, the store was built over seven levels, which resulted in a significant impact on the operating costs of the store and the shopping experience for customers.

“In addition, the changing behaviour of customers in the area who prefer to shop in retail parks and online has resulted in visitor numbers being substantially lower than expected and continuing to decrease over time.”