Ikea Korea sales growth

Ikea’s business in South Korea has reported 32.6-per-cent sales growth over the past fiscal year despite the impact of the coronavirus outbreak.

The success of the retail business over the period has been attributed to a surge in interest in home furnishings as people remain at home to avoid the pandemic, according to Ikea Korea country retail manager Fredrik Johansson.

Customer numbers at Ikea stores also increased by 31 percent during the period to 12.3 million people, with online shoppers increasing by 14 percent to 44.7 million.

The firm has made concerted efforts to market goods at affordable prices and engage in remote sales efforts. It is also about to commence a new sustainable home-furniture marketing campaign to support climate action within Korea, along with strategies to buy back and resell used furniture to replace 20 percent of the firm’s delivery vans with electric vehicles by the end of the next fiscal year.