[cheriot]

I'll take a stab at a positive case.

I've seen several small businesses whose only function is to pick things up from Ikea and deliver. If people are comfortable buying sofas online, it will apply to a range of home furnishing items. Furniture stores have been selling "rooms" for years for this very reason.

Aside from brand and customer relationships, if the delivery infrastructure for furniture is different than other items, that will provide a moat.

But is furniture a high margin business? Ikea's numbers suggest it is with gross margins over 40% in 2011 and 2012.http://www.ikea.com/ms/en_JP/pdf/yearly_summary/ys_welcome_i...