Ikea to invest close to Rs 1,000 crore in Bengaluru store

New stores, online growth help IKEA fend off rivals; sales rise 5%

As part of its push into online sales Ikea offers an augmented reality app which allows customers to place furniture virtually in their home. More recently, it has canned what would have been its second-largest store in Cuerden, near Preston. On a comparable store basis, retail sales were up just 1 per cent in local currencies.

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...

Welcoming IKEA to the State, Deputy Chief Minister G Parameshwara said: "IKEA's entry reflects Karnataka's progressive policies for ease of doing business".

"Ikea is always exploring opportunities to expand and be more accessible to more people, however we do not now have confirmed plans to open a store or sell online in New Zealand". IKEA aims to be present in 49 cities by 2030. "We know 50% of people do not have a vehicle today which makes the accessibility of some of our units not extremely easy".

"What is possible is that Ikea may modify its business model to serve untapped markets, such as New Zealand, in a different type of way".

Its Hyderabad store, in which the company had invested around Rs 800 crore till June, was expected to get as many as six million visitors a year.

Ikea is not listed and as a result it is not obligated to publish its net profit or other financial details.

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The smaller Ikea stores cropping up in central urban locations are also providing new opportunities for the company to increase sales and customer engagement.

Presently, the Ikea has two stores in the Baltics - in Vilnius, the capital of Lithuania, and in Riga, the capital of Latvia.

Total retail sales, which include sales of both products and services, rose to €38.8 billion from €38.3 billion a year earlier. The 500,000 sq. ft. store, planned to open in summer 2020 is connected to the Nagasandra Metro Station, the company said in a statement. The company is also exploring selling its products on external online marketplaces and Loof said he hopes to introduce a collaboration with a digital shopping platform in the coming year.

"We're very excited to open in South America", Loof said in a phone interview.

"The big units are the most important assets we have".

The retailer will need at least 1 million cubic meters of goods in South America to break even, Loof said.

Ikea sales grew by 2% a year ago, well below the 7% average of the previous five, while an investigation by the European commission is shining a fresh light on the company's complex tax structure. That means new Ikea franchisees should be able to "reach bigger volume faster with lower costs", Loof said.

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