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☆ Retailers jacked up prices and squeezed consumers. They might have just blinked
▼ + stars: | 2024-05-05 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +7 min

“There’s just less dollars for consumers to spend.”The challenge for retailers now is to shake consumers out of that frugal mindset. Retail spending has increased in seven of the past 10 months through March. “If you want to convince consumers to spend you have to give them a reason to do so. Lower prices are a clear opportunity to drive people into the store or online.”It’s a lever that Walmart, he said, has pulled forever. Clothing chain H&M told analysts during its most recent earnings call that it, too, would lower prices.

Persons: Sarah Wyeth, ”, Chad Lusk, Alvarez, ” Wyeth, “ There’s, they’re, Zak Stambor, Stambor, Joe Raedle, ” Stambor, “, ” Jesper Brodin, ” Brodin, ” Michaels, ” Ashley Buchanan, Michaels, Lars Daniel Ervér, Frida, Chuck, – CNN’s Bryan Mena Organizations: New, New York CNN —, Ikea, Shoppers, “ Retailers, CNN, Walmart, Ingka, “, Cheese, Stambor Locations: New York, Hallandale Beach , Florida

☆ Ikea is cutting prices as inflation eases — and more could be on the way
▼ + stars: | 2024-03-12 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +1 min

Swedish home and furniture company Ikea has been cutting prices across a number of countries as global inflation eased, as it boosts its investments in price reductions. The company is further expanding its price cuts in 2024 across all of its markets globally, aiming to dial back price increases that were introduced in 2022. The price cuts, which started in Europe in September, have led to an increase in customers, as well as an increase in items sold by the retailer, according to Öncü. Between September and November, Ingka has invested more than 1 billion euros ($1.1 billion) in price cuts across markets it operates in, according to Reuters. In Canada, the price of its popular Billy bookcase has fallen by 20% since the company invested 55 million euros to trim prices for over 1,500 products, Ingka said in January.

Persons: Ingka, Billy bookcase Organizations: Ikea, Inkga Group, CNBC, Reuters Locations: Europe, Canada

☆ IKEA cuts prices as inflationary pressures ease, says Ingka Group
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIkea's parent company on price cuts: It's time to 'invest in pricing rather than profitability'Tolga Oncu, head of retail at Ingka Group, discusses its decision to cut prices in all the markets where it operates in light of easing inflation, saying it's taking a staggered approach.

Persons: it's Organizations: Ingka Group

☆ Ikea is betting you'll come to its coworking space in a mall, then shop at one of its stores
▼ + stars: | 2024-02-26 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Ingka Group, which runs most Ikea stores, is leading the charge. One mall that Ingka recently acquired in the English city of Brighton included an Apple store and a Zara store. It added an Ikea store in the mall where a now-closed department store used to stand. The Ikea stores in these malls are often smaller than one of the brand's typical warehouses, which tend to be located in their own buildings on the outskirts of cities. In the US, Ikea has also opened some showroom-style stores built around complete setups for bedrooms, kitchens, and other rooms.

Persons: —, Hej, Cindy Andersen, Ingka's Anderson, Ikea's Organizations: Wall Street, Service, Ikea, Ingka, Apple, Business Locations: Swedish, Malls, California, San Francisco, English, Brighton, Zara, London

☆ Top CEOs fear that volatile supply chains are now just the new normal
▼ + stars: | 2024-01-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Kristian Helgesen | Bloomberg | Getty ImagesDAVOS, Switzerland — Top CEOs are closely following tensions in the Red Sea, warning that this kind of volatility for supply chains is likely here to stay. Houthi rebels from Yemen have attacked commercial vessels traveling in the Red Sea since November. Supply chains were massively disrupted during the pandemic and the subsequent bounce back, given the restrictions and the closure of borders. Tobias Meyer, the CEO of DHL, shared concerns over the new normal for supply chains. "We have an issue in the Panama Canal, we have an issue in the Red Sea.

Persons: Ebba, A.P ., Kristian Helgesen, Jesper Brodin, Brodin, Tobias Meyer Organizations: A.P, A.P . Moeller, Maersk, Bloomberg, Getty, Ingka, CNBC, Economic, IKEA, DHL Locations: Suez, Egypt, DAVOS, Switzerland, Red, Yemen, Iran, Gaza, United States, Hope, Africa, Asia, Europe, Davos, Panama

☆ Ikea says it's going to cut prices this year, and the company's comments on deflation should be setting competitors on edge
▼ + stars: | 2024-01-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewCompanies across the board have been hiking prices massively in the last few years, citing relentless supply chain disruptions from the COVID-19 pandemic, geopolitical tensions, and Russia's war in Ukraine. Speaking to Reuters at the World Economic Forum in Davos, Switzerland, Broden acknowledged "quite significant deflation" upstream in its supply chain. AdvertisementIkea also has enough inventory to offset price hikes from any supply chain shocks, Brodin told the news agency. To be sure, Ikea hiked prices in 2022, citing supply chain bottlenecks and higher raw material costs, but the furniture giant started cutting price late last year, citing easing price pressures. US grocery giant Walmart signaled deflation in November as well — but that was before the Red Sea Houthi attacks dragged into the new year.

Persons: —, Jesper Brodin, Broden, Brodin, It's Organizations: Service, Business, Ingka, Ikea, Reuters, Red, Economic, Energy Locations: Ukraine, Davos, Switzerland, London, Russia

☆ IKEA sticks with China despite slowing economy
▼ + stars: | 2023-10-12 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +2 min

REUTERS/Yves Herman Acquire Licensing RightsMALMÖ, Sweden, Oct 12 (Reuters) - China is still a key growth market for budget furniture retailer IKEA despite the world's second-largest economy showing signs of strain, executives at the biggest IKEA store owner said on Thursday. The company has 37 IKEA stores in China, out of a total of 537 locations worldwide. Ingka Group overall saw 697 million visits to its IKEA stores in the 2023 financial year, up 7.4% from the previous year. The rate of increase was much higher in China, Brodin said, as stores reopened and shoppers returned. China's sheer size makes it a key opportunity, said Tolga Oncu, head of IKEA Retail at Ingka Group.

Persons: Yves Herman Acquire, Jesper Brodin, Brodin, Ingka, Tolga Oncu, Oncu, Helen Reid, Josie Kao Organizations: REUTERS, IKEA, Ingka Group, Ingka, Reuters, IKEA Retail, Thomson Locations: Brussels, Belgium, Sweden, China

REUTERS/John Muchucha Acquire Licensing RightsSummaryCompanies Fossil fuel subsidies hampering green energy rolloutMore clarity needed on rules for carbon marketsCalls echo Africa Climate Summit on faster actionLONDON, Sept 6 (Reuters) - Ditch fossil fuel subsidies, agree the rules for carbon markets and provide more finance to emerging markets. That was the clear message from business leaders at the Reuters IMPACT conference in London on Wednesday about what they say needs to happen at the forthcoming COP28 climate summit. The meeting of world leaders in Dubai beginning late November is seen as a crucial test of countries' willingness to accelerate action to limit global warming, with efforts so far doing little to stem global carbon emissions. Despite this, failure to remove fossil fuel subsidies would make it harder to expand renewable energy in some countries, Ingka's van der Poel said. "My concern is that we have very little hopes for that ambition to be raised during COP28," she said.

Persons: John Muchucha, Peter Van der Poel, Anél Bosman, Ingka's van der Poel, Helena Viñes, Preeti Srivastav, Andy Griffiths, Richa Naidu, William James, Helen Reid, Simon Jessop, Alexander Smith Organizations: REUTERS, Reuters IMPACT, Ingka Investments, Africa Climate Summit, Nedbank Corporate, Investment Banking, Sustainable Finance, Asahi Europe, Diageo, Thomson Locations: Nairobi, Kenya, London, Dubai, Africa

☆ IKEA stores owner Ingka plans recycling expansion
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Ingka Investments' Peter van der Poel told a panel at the Reuters IMPACT conference in London that a recycling initiative in the Netherlands would be expanded to markets including France, Belgium and Scandinavia. "The thing here is to understand in many markets in Europe, still incineration is incentivised (over) recycling. Ingka Investments is the investment arm of Ingka Group, which owns and operates the majority of IKEA stores. Investing in what it calls the circular economy, which includes recycling, is part of Ingka's sustainable investment portfolio, alongside renewable energy and forests. Van der Poel says this is viable because Ingka has an investment horizon of "generations", out to 100 years.

Persons: Anna Ringstrom, Peter van der Poel, Van der Poel, Tommy Reggiori Wilkes, Emma Rumney, Simon Jessop, Jan Harvey Organizations: REUTERS, Ingka, Ingka Investments, Reuters IMPACT, Investments, IKEA, Thomson Locations: Stockholm, Sweden, Europe, London, Netherlands, France, Belgium, Scandinavia, North America

☆ With home improvement projects down, it’s Ikea’s moment
▼ + stars: | 2023-07-08 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

Over the next three years, it plans to open eight large stores and nine smaller “plan and order points,” where customers can chat with design consultants and order products. “We see endless opportunities to grow” in the US, Tolga Öncü, head of Ikea Retail for the Ingka Group, Ikea’s Dutch holding company, said in a statement at the time. After splurging on home improvement projects during the pandemic, consumers are pulling back. Home improvement retailer Lowe’s lowered its profit and sales outlook for the year in May, saying consumers were spending less on home improvement. Ikea, which is not publicly traded, reported that its retail sales rose by 6.5% in fiscal year 2022, but didn’t post quarterly results.

Persons: ”, Michael Brown, Spencer Platt, Tolga Öncü, Karl Zimmermann, “, Sucharita Kodali, Forrester, “ they’re, Zimmermann, Paul Bersebach, Marisa Ortega, splurging, Ethan Allen, ” Ortega, —, Anna Cooban, David Goldman, Nathaniel Meyersohn, Parija Kavilanz Organizations: New, New York CNN, Ikea, Ikea Retail, Ingka, Bain, MediaNews, Orange, Register Locations: New York, Aldi, Long Beach , California

☆ IKEA bets on remote interior design as AI changes sales strategy
▼ + stars: | 2023-06-13 | by ( Helen Reid | ) www.reuters.com time to read: +3 min

LONDON, June 13 (Reuters) - IKEA is training call centre workers to become interior design advisers as the Swedish furniture giant aims to offer more home improvement services and hand run-of-the-mill customer queries to an artificial intelligence bot called Billie. In April, IKEA expanded its interior design services to the UK and United States, after previous launches in parts of Europe, Australia, the United Arab Emirates and elsewhere. In the UK, customers pay 25 pounds ($31.44) for a 45-60 minute interior design advice video call and suggested product list, and can pay 125 pounds for three workspace design consultations, a floorplan and 3D visuals. Sales by phone or video of products and services through Ingka's remote interior design channel accounted for 1.3 billion euros ($1.40 billion) of revenue in Ingka's 2022 financial year - 3.3% of the total. These virtual services require significant investment, she said, to ensure items' colours, textures and sizes are accurately reflected and to minimise returns.

Persons: Billie, IKEA's Billy bookcase, We're, Ulrika Biesert, Biesert, Wayfair, It's, Jocelyn Paulley, Helen Reid, Susan Fenton Organizations: IKEA, United Arab, Ingka Group, Reuters, Ingka, Gowling, Thomson Locations: Swedish, United States, Europe, Australia, United Arab Emirates, Ingka, headcount, London

STOCKHOLM, June 1 (Reuters) - IKEA stores owner Ingka group has announced the official start of work on its delayed first store in New Zealand, which it predicts will be followed by other outlets as the Asia-Pacific region recovers from the COVID-19 pandemic and macro-economic shocks. Head of Retail at Ingka group Tolga Oncu told Reuters preliminary opening dates were often subject to change. Asked about possible stores in other parts of New Zealand, Oncu said he did not expect the one in Auckland to be enough. "So one can expect that IKEA in the long term is going to continue to look for opportunities to expand in New Zealand," he said. Globally, there are more than 450 IKEA stores, most of which are owned by the Ingka group.

Persons: Oncu, Ingka, Marie, Lucy Craymer, Barbara Lewis Organizations: IKEA, Reuters, Marie Mannes, Thomson Locations: STOCKHOLM, New Zealand, Asia, Pacific, Auckland , New, Auckland, Europe, Australia, Stockholm, Wellington

☆ Ikea is redefining its customer experience — starting with raves
▼ + stars: | 2023-05-16 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Marcus Engman, Ikea's creative director, said the raves signal Ikea's strategy to attract customers. Two spectacular raves — one of which got shut down by the police, an Ikea spokesperson told Fast Company. As for Ikea, Engman said there are creative ways to maximize Ikea's space to improve its bottom line. "There are techniques that we use in entertainment that are not used at all in retail," Engman told Fast Company. Engman told Fast Company that Ikea's growth efforts — including raves — may be a way to expand its brand.

☆ IKEA Makes Biggest Ever Investment in U.S. With 17 New Stores
▼ + stars: | 2023-04-20 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Photo: Isopix/Zuma PressIKEA is making its largest-ever investment in new American stores, betting on strong U.S. demand for its flat-pack furniture. Ingka Holding BV, the biggest owner and operator of IKEA stores, said Thursday it would spend 2 billion euros, the equivalent of $2.19 billion, opening 17 new U.S. locations over the next three years. The investment will also be used to bolster its fulfillment network to improve its delivery services, the company said.

☆ IKEA to Open 17 New U.S. Stores in Expansion Drive
▼ + stars: | 2023-04-20 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

☆ Ikea stores coming soon to 8 new locations in the US
▼ + stars: | 2023-04-20 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

Ikea plan and order points are aimed at customers who want to speak with a consultant on how to design their homes, as well as place orders. Tolga Öncü, head of Ikea Retail, said the company saw “endless opportunities to grow” in the United States. Ingka also said it planned to use part of its bumper investment to modernize its existing US Ikea stores to enable them to send out more parcels. Ingka Group reported sales of €5.5 billion ($6 billion) in the United States in the last financial year, which ended in August 2022. It took €5.7 billion ($6.2 billion) in sales in Germany over the same period.

☆ IKEA plans new U.S. stores in $2.2 bln push to challenge Walmart and Wayfair
▼ + stars: | 2023-04-20 | by ( Helen Reid | ) www.reuters.com time to read: +2 min

[1/2] The company's logo is seen outside of an IKEA Group store in Saint-Herblain near Nantes, France, March 22, 2021. Ingka plans to open eight new big IKEA stores and nine smaller stores as well as upgrading existing stores in the U.S., which is IKEA's second-biggest market by sales after Germany, the company said on Thursday. As consumers spend less, big-box retailers Walmart and online furniture retailer Wayfair are cutting jobs and shutting stores, creating an opportunity for IKEA to pick up cheaper store and warehouse space. The planned stores would increase the number of IKEA locations in the U.S. by around a third, from 51 stores and two "plan and order points". Ingka Group had revenues of 5.5 billion euros ($6.03 billion) in the U.S. in its 2022 financial year.

IKEA has a target to be climate positive - reducing more greenhouse gas emissions than its value chain emits - by 2030. Inter IKEA acts as franchisor to IKEA store owners and is in charge of supply. Abrahamsson Ring said earlier that retail sales volumes did not increase in fiscal year 2022 as IKEA struggled to meet demand due to supply shortages. Ingka Group, which owns most IKEA stores worldwide, reduced its own emissions by 23% to 455,014 tonnes of CO2 equivalent. The store owner's emission reduction was also achieved by using more renewable energy.

Jesper Brodin, CEO of IKEA stores owner Ingka, said visitor numbers and sales volumes were up so far in the group's fiscal year through August 2023. "We are currently seeing growing visitor numbers and growing sales ... It started late spring, summer, and has continued," Brodin said, adding that current trading was better than feared. Some costs such as gas prices have started to decline as well, prompting some retailers to consider price cuts. Brodin said Ingka was currently seeing no signs of weakening demand, or of any of its markets heading towards a deep recession this year.

"We have managed to replace those (Russia and Belarus) volumes in other countries on a very hot wood market," Ulf Johansson, Global Wood Supply and Forestry Manager at brand owner Inter IKEA, told Reuters. Russia and Belarus were IKEA's fifth and sixth biggest wood suppliers before the war, accounting for 6% and 5% respectively of its supplies, the company's website said. Poland, followed by Lithuania and Sweden were the three biggest suppliers in the 12 months through August 2022. IKEA stores in Russia have been closed since March, while IKEA owned shopping malls remain open. IKEA has in recent years been buying and managing forests in a number of countries through its investment vehicle IKEA Investments, from which it might use wood and wood products in the future.

☆ Exclusive: Green logistics company GoBolt raises $55 million to build out a fleet of electric trucks
▼ + stars: | 2022-12-06 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

GoBolt raised a $55 million in funding, bringing its total capital raised to $162 million CAD. The company achieved a higher valuation compared to its Series B, despite the market "bloodbath". GoBolt seeks to build out its fleet of electric trucks and one day be "carbon negative". The 3rd party logistics company Second Closet hired had just called to say they weren't going to make it. The company raised the funds in Canadian dollars but the amounts have been converted to US dollars for this article.

[1/4] Tolga Oncu, head of retail at Ingka group which owns most IKEA stores worldwide, poses for a photograph after his interview with Reuters inside an IKEA store in Mumbai, India, November 28, 2022. REUTERS/Abhirup RoyMUMBAI, Nov 28 (Reuters) - Ingka Group, the owner of most IKEA furniture stores, is planning additional price cuts as some input costs ease, its retail manager told Reuters on Monday, a reversal from price hikes introduced last year to counter soaring inflation. The moderation of some input costs, such as metal and sea transport, will allow the company to continue the reductions, Oncu said. Opportunities for efficiencies in operations will continue to help IKEA deliver profits while lower prices should attract new cost-conscious customers, he added. Brand owner Inter IKEA, which is in charge of supply, said this month input prices had begun to stabilise, and that promotional campaigns and lower prices on some popular products would be key to attracting cash-strapped shoppers.

☆ IKEA stores owner Ingka's annual operating profit rises 9%
▼ + stars: | 2022-11-25 | by ( Anna Ringstrom | ) www.reuters.com time to read: +2 min

The world's biggest furniture retailer said operating profit in the 12 months through August was 2.04 billion euros ($2.12 billion), on sales growth of 6%. Maeztu also said the operating profit reflected good performance across divisions, which also include shopping malls and an investment arm. Ingka attributed this to higher interest rates, which hit one of Ingka Investments' investment portfolios. Ingka Investments has 20 billion euros worth of financial assets under management, according to its website. Inter IKEA in October said its operating profit fell 56% as it passed on some of its soaring raw material and transport costs to retailers.

☆ Yandex buys up remaining IKEA Russia inventory
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Nov 18 (Reuters) - Yandex Market, owned by Russian internet giant Yandex (YNDX.O), said on Friday it had agreed to buy up the remaining inventory of Swedish furniture giant IKEA (IKEA.UL), which has closed its shops in Russia. Yandex will sell the products in a section of its online marketplace designated 'IKEA goods', which combines items from production sites in Russia which used to supply IKEA, shop inventory and IKEA goods brought from overseas. IKEA decided to close its shops in Russia after Moscow sent troops to Ukraine in February in what it said was a 'special military operation'. Many other western companies - from energy producers to food and clothing chains - have left Russia. Main franchisee Ingka, which owns most IKEA stores, including those in Russia, said last month it had not decided whether to sell its IKEA stores in Russia, which generated around 4% of its group sales in 2021.

☆ IKEA offers cash, larger discounts to help staff weather soaring living costs
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, Nov 10 (Reuters) - IKEA retailer Ingka Group is launching a 10 million euro ($10 million) social fund and bigger staff discounts to support employees struggling to cope with higher living costs. A group spokesperson said the fund would be available in all Ingka's 31 markets, and the money would not be a loan. "We want to be able to support co-workers through this time, while balancing the needs of our business, always guided by our values." The Ingka spokesperson said it was difficult to say at this point how many would seek help from the fund. "This extra support is meant to support co-workers faced with unforeseen costs they couldn’t possibly have planned for."

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