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☆ 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 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

☆ 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

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 spending over $2 billion to open 8 new US stores, with an eye on locations in the South, plus 9 design centers
▼ + stars: | 2023-04-21 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +2 min

The furniture retailer will open eight new stores and nine smaller locations over three years. Ikea's expansion comes as other big-box retailers are cutting jobs or closing stores. The Swedish furniture retailer announced plans to open eight new stores and nine new "plan-and-order points," smaller locations where customers can design kitchens, bathrooms, and living rooms and select furnishings. Ikea will also upgrade its existing US stores and add 900 customer pick-up locations nationwide as part of a three-year plan. The investment comes at a time when other big-box retailers, including Bed Bath & Beyond and Walmart, are closing locations across the country.

☆ 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 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.

[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.

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