IKEA Pasay registers 28% growth in sales to P8.7b, sells 8.3m food products

IKEA Pasay City, the largest store of the Swedish furniture chain, posted a 28.7 percent increase in sales to 144 million euros or about P8.7 billion in its 2023 financial year ending August from a year ago.

Ikano Retail, the IKEA franchisee that brings Swedish home furnishings to the Philippines, Singapore, Malaysia, Thailand and Mexico,  owns and operates IKEA Pasay City, an omnichannel business with e-commerce, click & collect pick-up points, IKEA Food and B2B arm IKEA for Business.

“It saw a bump in revenue from last year, up 28.3 percent as it closed its 2023 financial year on Aug. 31, with a turnover of P8.7 billion,” Ikano Retail said, referring to the performance of IKEA Pasay.

Ikano Retail, one of the 12 IKEA franchisees around the world, has 13 IKEA stores and five IKEA-anchored shopping centers in its portfolio.

It posted 1.08 billion euros (P65.4 billion) in turnover in its 2023 financial year, up 2.1 percent from a year earlier as it posted mixed performances in its five markets despite welcoming more visitors this year to its stores and centers.

‘’It continues to be tough economic times for all retailers, including us, with higher costs all along our value chain, inflation and a more cautious consumer sentiment. Despite that, our IKEA stores and shopping centers attracted 119.6 million visits, up 5.7 percent from last year,” said Ikano Retail chief executive Christian Roejkjaer.

“We continue to add value to communities feeling the pinch by offering affordable home furnishing solutions, inspiring stores and a great day out together with our shopping centers,” he said.

“We launched remote planning by taking our IKEA Planning studio online in the Philippines to meet faraway customers, expanded our fleet of electric vehicles in Singapore which now supports 20 percent of our home deliveries, opened three new collection points in Malaysia to meet customers in states without an IKEA store, and we are on our way with two new exciting stores – Thailand’s first IKEA store in the heart of metropolitan Bangkok with IKEA Sukhumvit, and Mexico’s first standalone IKEA store in Mexico with IKEA Guadalajara Expo,” said Roejkjaer.

IKEA Food continued to be a hit