Swedish furniture retailer Ikea has increased its market share to become the UK’s biggest seller of home furnishings, according the results published yesterday.
Market analyst company Verdict Research claims that Ikea increased its market share to 6.1 per cent whilst the rest of the sector declined.
Despite this success, total sales at Ikea UK & Ireland rose by just 1.1 per cent to £1.2 billion in the year to August 31st, reflecting the difficulties in the UK housing market and an overall decline in trade of big ticket items.
Martin Hansson, Ikea UK & Ireland’s Country Manager, said: “Over the last year Ikea has had to adapt to tough market conditions but at the same time we have delivered a good set of results.
“This has been achieved by maximising efficiencies in our running operations, focusing the organisation on being closer to the shop floor as well as taking the Ikea offer to new markets with our store openings in Southampton and Dublin.
“These results are proof that the actions we are taking are working.”
Trade in British Ikea stores was behind that of stores in Germany, USA and France during the last year, with sales rising by 1.4 per cent across the group to £21.5 billion.
Ikea has invested £2.9 million in new stores in the UK and after the opening of its Dublin outlet in July 2009 its overall store portfolio totals 19.
Hansson added: “In light of the current economic uncertainty I can’t say for sure what is around the corner but we will continue to focus on putting our customers and co-workers at the heart of everything we do, and providing great products and home furnishing inspiration at the lowest prices on the market.”