Saturday, 20 October, 2018

Ikea posts €39bn profit with boost from city stores, online sales

New stores, online growth help IKEA fend off rivals; sales rise 5% Ikea finally plans to open a store in Estonia
Priscilla Morrison | 11 October, 2018, 19:22

The company will in the coming years open stores in Chile, Colombia and Peru through a new Ikea franchisee called Falabella as part of its first foray into South America, Inter Ikea said.

"We're exploring new store formats in city centres - all with the aim to improve the meeting with our customers both physically and digitally", said Jesper Brodin, CEO of Ikea's Ingka Group, which operates Ikea stores in the US, Europe, China and other global markets. But only one. The rest of the country simply is not densely enough populated and IKEA typically does not enter countries where they can only open one store. In India, IKEA now has more than 55+ suppliers with 45,000 direct employees and 400,000 people in the extended supply chain. This city is truly cosmopolitan with many people moving in to find new opportunities. IKEA aims to be present in 49 cities by 2030. The investment is simply not worth it. "Such a move could be part of their worldwide expansion strategy but would not result in a "typical" Ikea presence as seen in other countries".

"Ikea will create a multichannel experience for its customers in India".

Inter Ikea, which owns the Ikea brand and concept, announced its expansion plans as it revealed that sales at its franchise-holder stores had risen by 4.5 per cent in the year to the...

Total retail sales, which include sales of both products and services, rose to €38.8 billion (NZ$69.29 billion) from €38.3b a year earlier. The company's 400,00 sq ft outlet in Hyderabad opened after several delays though, of which the most recent ones were a push in its launch date from 2017 end to this year, and then a near 20-day postponement to August from July.

More news: Soyuz astronauts make emergency landing after rocket's boosters fail

Ikea's stores, which can be found in more than 50 markets, welcomed 957 million visitors in the last fiscal year.

The company's results were also helped by rising online sales.

However, the company expected high number of online orders in coming days, he added.

Ikea's Bengaluru store is expected to employ 800 to 1,000 directly and engage the services of another 1,500 indirectly.

Betzel, who attended the ground-breaking ceremony of Ikea's third India store here Thursday, said the company already had an online platform and was now in the process of connecting different platforms to maximise business prospects.

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