+1-888-308-5802     
News Contact Us

Ikea plans to launch additional outlets of its smaller format in UK

Author : Pankaj Singh | Published Date : 2018-11-04 

Swedish furniture giant Ikea would reportedly look to roll out more outlets of its smaller city center store format, after it saw a positive response to the first outlet in London, said sources familiar with the matter. Ikea’s smaller store concept allows customers to discuss home décor plans and browse items without the need for visiting stores located outside their town.

Javier Quinones, the company’s UK boss, called the London shop a learning experiment but said its success indicated the format could expand to other cities across the UK It forms a part of Ikea’s wider UK expansion after another year of achieving growth in sales, as the company recently disclosed its UK revenues in the year to August 31 had increased by 5.9% to £1.96 billion.

Sources further inform that Ikea had opened two new large-format outlets in Exeter and Sheffield during the period, raising its total number in UK to 21. The company has been investing large amount of capital in online, logistics and distribution for cutting its home delivery times to three-to-four-days, from the current one-to-two weeks.

Speaking on these investments, Mr. Quinones said it was not in response to Amazon or other retailer but was due to changing consumer demands. The small store experiment was part of this change and Ikea will trial the format, called Planning Studios, in New York, Riyadh and Shanghai as well, since more people are living in cities now, he added.

Records show that Ikea had registered a 9 percent increase in the sales of home decorations during the year, while living room seating sales surged 8 percent. Mr. Quinones mentioned that the company has been working on contingency plans before Brexit. The company imports a major chunk of its products and the plunge in the value of pound over the past two years had affected its margins

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Skyrora to produce masks and sanitizers for UK amid COVID-19 crisis

Published Date: 2020-03-30         Author: Pankaj Singh

Skyrora, a Scotland based private space company, reportedly announced that it would start manufacturing health equipment for frontline workers in the United Kingdom, answering the call of the UK government as well as the National Health Service to help the country fight the growing spread of the cor... Read More

InterSystems launches a new version of InterSystems IRIS Data platform

Published Date: 2020-03-26         Author: Pankaj Singh

InterSystems, a U.S based software firm that focuses on helping consumers solve crucial interoperability, speed, and scalability problems efficiently, recently revealed its latest version of the InterSystems IRIS™ data solution. Reportedly, this comes as its third major launch of InterSyste... Read More

Twitter predicts a fall in ad sales but sees a surge in active users

Published Date: 2020-03-24         Author: Pankaj Singh

Amidst the effects of coronavirus, social network company Twitter withdrew its Q1 revenue outlook and estimated an operating loss as its ad sales suffer a massive downfall. However, this revenue report also displayed a massive surge in active users. According to the firm’s estimates, its fi... Read More

© 2020 Fractovia. All Rights Reserved