New stores and online growth help IKEA fend off rivals
13 October, 2018, 21:56 | Author: Eric Barnett
We will contribute positively to the sta-te's development by creating employment opportunities, investing in skill/competence development, gro-wing local sourcing to meet India and global demands and bringing IKEA's global best practices to grow India's retail and manufacturing sector, " said Betzel.
"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 worldwide markets.
"Bengalore is a special city for us as we have active participation from our total value chain - IKEA Foundation, IKEA suppliers, IKEA social entrepreneurs and now IKEA retail". That includes a new store that was opened in Bahrain in September, Inter Ikea said.
"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". On a comparable store basis, retail sales were up just 1 percent in local currencies. But Quiñones, who started working part-time for Ikea in 1997 when he was a student, insisted the new focus on small high street stores did not mean the Ikea model was broken. Ingka said it experienced sales growth in a majority of its 30 markets, with one of the biggest increases recorded in China.
The company aims to open 25 stores in India by 2025.
"Karnataka is a priority market and IKEA India will invest ₹2,000-crore plus in the longterm in the State".
It will invest close to ₹1,000 crore for the 500,000 sq ft store, planned to open in the summer of 2020. The Ikea.com website gets more than 2 billion visitors each year. 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. Its CEO, Jesper Brodin, told Reuters that online sales jumped almost 50 percent to account for 8 percent of total turnover. Now, we realise that India presents a much bigger opportunity for which ₹10,500 crore is inadequate.
The retailer will need at least 1 million cubic metres of goods in South America to break even, Loof said.
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