Online shopping surge helps lift IKEA's full-year sales

Ikea finally plans to open a store in Estonia

Flat pack furniture retailer Ikea has reported a 4.7% increase in retail sales to €38.8bn (£33.9bn) in its full year 2018 report. IKEA stores in India house close to 7,500 products, ranging from kitchenware, bathroom accessories, textiles, cleaning products, wardrobes, home electronics, artificial plant décor and more, and are customised as per Indian needs and usage. Furthermore, by 2030, it plans to be present in 49 cities in India.

Best known for its low-priced flat-pack furniture and sprawling out-of-town stores, Ikea opened 19 new outlets around the globe, including its first in India and Latvia in August.

He said Ikea was usually in area of at least a million people with an hour's drive. Brodin has signed off on a raft of store experiments as well as the purchase of gig economy odd-jobs company TaskRabbit.

"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. Such a move could be part of their global expansion strategy but would not result in a "typical" Ikea presence as seen in other countries".

We see IKEA as a strong partner in increasing local manufacturing in the state and bring best practices in retail and supply chain.

The world's largest furniture retailer saw total sales of goods and services reach 38.8 billion euros ($45 billion) during the 12 months. Its Mumbai store is set to go live later this year.

Ikea announced it will open its first store in the Ukraine in 2019, after a decade of negotiations, and on Tuesday the company said it plans to bring its products to South America for the first time with new openings "soon" in Chile, Colombia and Peru. That includes a new store that was opened in Bahrain in September, Inter Ikea said. Ikea's websites received 2.5 billion visits, an 8.7 per cent jump over its previous fiscal 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.

The company, which has over 50 suppliers India, plans to have over 25 stores across cities like Ahmedabad, Surat, Pune, Chennai and Kolkata with both online and offline approaches, he added. "It will be a faster and bigger expansion than when we've entered new markets before".

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