Ikea reaffirms plans to open in Serbia and India

Ikea could soon become the world‘s largest multichannel home furnishings retailer after it posted solid growth in its 2016 financial year and unveiled plans to expand into Serbia and India.

The Swedish retailer, which has around 270 stores in 25 countries including the UK, recorded a total group sales increase of 7.1 per cent to around £29 million for the year ending August 31.

When adjusted for currency impact, Ikea‘s sales had an uptick of 7.9 per cent while like-for-likes went up by 4.8 per cent.

The news comes as the home retailer confirmed ambitions to open new bricks-and-mortar stores in the year ahead in Serbia and India.

RELATED: Ikea opens first Order and Collection Point for London

The company said it will also continue to build its multichannel presence in existing markets around the globe.

In the period covering its annual report, Ikea opened 12 new stores and 19 smaller pick-up and order points across the globe, one of which was the massive store in Reading, UK.

RELATED: Mothercare’s Mark Newton-Jones poised to join Ikea

It has also opened smaller stores in Westfield Stratford in London, Aberdeen, Birmingham and Norwich. In addition, it opened a pop-up DIY restaurant and food store in Shoreditch, London.

According to Ikea, the new store openings helped push the customer visits figure to 783 million in the financial year period.

Click here to sign up to Retail Gazette’s free daily email newsletter


Please enter your comment!
Please enter your name here