Retail News CRM

Tag: Furniture

  • JustCo turns to malls for co-working locations

    JustCo turns to malls for co-working locations

    Coworking space provider JustCo is turning to shopping malls as it looks to double its Asia-Pacific presence this year.

    The firm stands poised to launch its services in Singapore’s The Centrepoint mall as well as Amarin Plaza in Bangkok, its fourth space in Thailand. JustCo is already operating from Marina Square in Singapore.

    “Malls in the city see an annual footfall of over 30 million compared to approximately 120,000 in an office building in the CBD,” said JustCo’s founder and CEO Kong Wan Sing on the opening of the 60,000sqft location at Centrepoint. “We believe that there is a huge untapped opportunity in the retail space segment.”

    Centrepoint, JustCo’s 14th location in Singapore, will be the first to incorporate the firm’s data analytics and other enhanced proprietary technologies, including a robot butler, access by facial recognition, and a digital Wayfinder.

    The Amarin Plaza centre will have the capacity to host 1000 members and will open in the third quarter.

    Buoyed by consistent demand, JustCo has expanded the total area of co-working spaces it manages by more than 150 percent year on year, and doubled the number of enterprise clients served across the markets it serves. It currently manages 42 centres across eight cities.

    “Our greater purpose is to build a mega-network and community within and across markets – one that helps companies and individuals realize the synergies, efficiencies and opportunities of a shared workspace,” said Kong. “In just over a year, our member base has grown by 100 per cent and this is set to grow further with changing workforce demographics.

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  • Inter Ikea names new leader as long-term CEO steps down

    Inter Ikea names new leader as long-term CEO steps down

    Inter Ikea group chief executive Torbjörn Lööf announced on Tuesday he would step down from leading the furniture business after seven years at the helm and more than 30 years with the business.

    Head of Ikea franchising Jon Abrahamsson Ring was named as Lööf’s successor and will step up as group deputy chief executive as of 1 March before taking full control on 1 September.

    Under Lööf’s leadership, the business has expanded into more than 15 new markets and launched a new long-term direction to become more affordable, sustainable and accessible to its customers.

    “I have had more than 30 fantastic years with Ikea and the privilege to have many exciting assignments,” Lööf said.

    “I will always carry with me the memories from all the wonderful meetings with Ikea colleagues and partners from around the world. It is the people working at Ikea that makes us unique.”

    Ring joined the business in 1998, and formerly served as assistant to Ikea founder Ingvar Kampred before coming deputy retail manager for Ikea China. Ring briefly left Ikea to become chief executive of fashion brand Filippa K and later gardening brand Plantagen, before returning to Ikea in 2017.

    “Ikea is on a great journey, which is only the beginning, and we will continue to stay true to who we are and what makes us unique: our culture and values, our vision and our business idea,” said Ring.

    “I am humbled by this opportunity, but also very proud and happy.”

    Ring said that he didn’t have any plans to radically change the furniture chain’s direction, with Ikea’s key tenants of affordability, accessibility and sustainability remaining at the top of his agenda.

    However, Ring did note that the new materials, production techniques, and distribution methods could be utilized to make the products more affordable.

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  • Ikea China shuting most stores in wake of coronavirus

    Ikea China shuting most stores in wake of coronavirus

    Swedish furniture and homewares chain Ikea has closed all of its mainland Chinese stores in the wake of the coronavirus outbreak.

    The decision, announced Thursday, came just hours after the company said it would shutter half its 30-strong network in the country.

    Ikea China is the latest in a long line of international retail groups to announce a curtailment of activities in the country as the death toll and infections from the Wuhan-centred virus rose rapidly this week.

    McDonald’s CEO Chris Kempczinski said the chain has closed “several hundred” stores in Hubei, but outlets in other parts of the country would remain open for now.

    On Wednesday, Starbucks said more than 2000 stores would close indefinitely, including its flagship Shanghai Roastery, although delivery services would continue from some of those locations. KFC, Pizza Hut and Haidilao Hotpot were among other restaurant chains to close part of their network.

    Tech giant Apple has closed three stores to date: Rainbow City in Nanjing, Tahoe Plaza in Fuzhou, and Vientiane City Qingdao. The company said it would reopen the stores by February 4, however, this is likely to depend on further advice from government authorities.

    Uniqlo, the Japanese fast-fashion chain, has closed about 100 stores, mainly in Hubei province where Wuhan is situated, its remaining 650 stores in Mainland China continuing to trade at the time of writing. Muji has closed about 10 stores in Wuhan’s inner-city district.

    Some of the Wuhan stores have been closed because the staff is unable to travel to work due to travel restrictions imposed by government authorities.

    Selected supermarkets are continuing to trade in affected areas of China to allow locals to purchase food and daily essentials, although some suppliers are encountering difficulty delivering products to retailers, due to traffic restrictions and a shortage of staff.

    Anne Ling, an equity analyst at Jeffries, says she expects food retailers will be relatively more resilient under the current situation. “Online delivery capability and strong fresh-produce capabilities are highlighted from this incident.”

    By retail category, fresh produce like vegetables, meat and cleaning products are selling well, with strong double-digit increase while liquor and beverage sales have declined by double digits as sales are driven by gatherings and events. “Non-food products experienced a substantial decline.”

    Ling anticipates landlords will offer tenants rental relief. “Hypermarket chains might also consider rental relief for tenants at their shopping areas.”

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  • Ikea eco-store under construction in Vienna

    Ikea eco-store under construction in Vienna

    A seven-level Ikea eco-store is being built in Vienna – with no car parks, targeting pedestrians, cyclists and public transport users.

    The new venue features a bookcase-style design with green facades and a green roof terrace with plenty of strolling space. The store, designed by Querkraft Architekten, is thought to appeal to the many families in the region living without cars.

    “The concept focuses on the current megatrends and takes into account the dramatically changed shopping behavior as well as a new form of mobility without a car,” read a statement from the firm.

    “Customers have little time and appreciate convenience and comfort. This is clearly noticeable in the furnishing area: more and more customers no longer even think about carrying their purchases home themselves. You can have them delivered.”

    The Ikea eco-store is scheduled for completion next year.

  • Yamada Denki taking over furniture retailer Otsuka Kagu

    Yamada Denki taking over furniture retailer Otsuka Kagu

    Japanese furniture retailer Otsuka Kagu is to become a subsidiary of electrical-appliance chain Yamada Denki following a purchase of a majority shareholding in the business.

    The move follows bleak business prospects for Otsuka following poor sales and a high-profile feud among owners, as well as increased competition for Yamada in the face of strong competition from online retailers. The new alliance, to be effected on December 30, is expected to strengthen Yamada’s housing business. It will also effectively rescue the debt-ridden chain.

    The two companies have been working together since February, with some Otsuka Kagu staff transferring to Yamada Denki.

    In a statement, Otsuka Kagu said it believes the partnership will “help improve the brand image of the firm as a quality furniture retailer, so deepening the ties with Yamada Denki is the best choice to increase the sales and performance in our domestic business”.

    “I have the responsibility to put the company on a recovery track,” said Otsuka Kagu president Kumiko Otsuka.

    “Ms. Otsuka and I share the goal of bringing Otsuka Kagu into the black in the next financial year, so I want to give her a chance,” said Yamada Denki chairman Noboru Yamada.

    “The electric appliance business has a high affinity with the furniture business, and they make an ideal combination.”

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  • Ikea India plans more up to 25 more stores

    Ikea India plans more up to 25 more stores

    Ikea India is preparing to launch 20–25 more locations, it emerged during a delegation of Swedish royals and businesspeople to the territory that began on Sunday.

    The firm currently has a store in Hyderabad, and is one of more than 200 Swedish companies operating in India. The country is Sweden’s third largest trade partner in Asia.

    A PTI News report quoted Swedish Trade Commissioner to India Anders Wickberg noting manufacturing, cleantech, and healthcare among others being mutual economic interests driving trade relations between the countries, bolstering a move to deepen bilateral ties.

    “With this commitment, we work to increase our bilateral impact, and strive to build on joint solutions,” said Wickberg.

    The inaugural Ikea India store opened in August last year and reportedly cost US$145.8 million. The store spans about 400,000sqft and represents one of the largest foreign investments in the Indian home-goods market, to date largely dominated by ‘unorganised’ retail operators.

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  • First Ikea Macau store scheduled to open in first quarter of next year

    First Ikea Macau store scheduled to open in first quarter of next year

    Ikea says it plans to open in Macau in the first quarter of next year.

    Located in Taipa, the Ikea Macau store will occupy an area of 90,000sqft, offering a wide range of home furnishing products. The new store will feature several showrooms, an Ikea cafe, and a Swedish food market.

    The store will be opened by Ikea’s partner for Hong Kong, Taiwan, and Indonesia, Singapore-listed Dairy Farm Group.

    “Marking a major milestone in Ikea’s long-term commitment to Macau, the new Ikea store will offer well-designed, affordable and practical home furnishing solutions to Macau consumers,” said Adrian Worth, MD of Dairy Farm Group Ikea North Asia. “By offering a range of amazing value-for-money home furnishing products, together with our famous Swedish food, we hope to make that vision a reality for the people of Macau.”

    The company is recruiting more than 100 co-workers for the development and operation of the new Ikea Macau store.

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  • Ikea India focuses on tier-2 cities as it targets growth

    Ikea India focuses on tier-2 cities as it targets growth

    Ikea India is set to expand into tier-II cities in the second phase of its development after early success in key markets.

    The Swedish-headquartered furniture-and-homewares giant has established its presence in Hyderabad and Mumbai and is now working on building a large-format outlet in Bengaluru before moving on to Delhi.

    “We want to bring our offering through multi-channel approach,” said Ikea India CEO Peter Betzel. “We want to be present through large format stores, small stores and even on the online platform.”

    The planned stores will be wholly owned by Ikea and will work to ensure half of its workforce are women. They will be smaller in size but otherwise functionally similar to its large-format stores in the territory.

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  • Ikea Store Sales in Southeast Asia exceed SG$1 billion

    Ikea Store Sales in Southeast Asia exceed SG$1 billion

    Sales at Ikea stores in Southeast Asia exceeded SG$1 billion (US$723 million) for the first time this year, reflecting healthy growth for a big-box retail business.

    Christian Rojkjaer, MD of Ikea Southeast Asia, says more than 98 million customers passed through the company’s eight full-format stores in Singapore, Malaysia and Thailand and its associated shopping centers. (Ikea stores in other parts of Asia are run by other franchisees).

    Online, there were 51.7 million visits to Ikea websites – up 16 percent year on year.

    “When our retail sales are combined with rental income generated from our three Ikea- anchored shopping centers in the region, our total revenue reached SG$1.21 billion – 20 percent more than last year,” said Rojkjaer.

    “These results show that our Ikea stores and shopping centers have fantastic potential to grow. We make a difference to many people by making life more comfortable, more beautiful and more sustainable – all at an affordable price.

    “We face increasing competition and changing customer behaviors,” he added, “but our vision to create a better everyday life for many people is perhaps more powerful than ever. We aim to offer the best deal there is in every market and we have a wide price ladder within our range so, even in challenging times, Ikea has something for everyone no matter the size of his or her wallet.”

    In November, Ikea Southeast Asia will open its new Toppen shopping centre in Johor Bahru, which features a rooftop with outdoor play spaces, a sports zone and a community garden.

  • Ikea starts building store in southwest province of Yunnan

    Ikea starts building store in southwest province of Yunnan

    Ikea China has started construction of its first store in Yunnan.

    The southwestern Chinese province will see its first Ikea outlet in its capital city of Kunming, scheduled to open at the end of next year. The firm is investing more than RMB1 billion (US$141 million) into the 120,000sqm three-story development.

    Ikea China area director Lukasz Ostrowski said that the firm has full confidence in the future development of its Chinese business, following more than two decades of rapid and accelerating expansion.

    Upon completion, Ikea is anticipated to be operating 35 stores in Mainland China.

  • Stuart Weitzman opens world-first airport store at Hong Kong

    Stuart Weitzman opens world-first airport store at Hong Kong

    Designer footwear label Stuart Weitzman has opened its first airport outlet worldwide at HKIA in partnership with Lagardere Travel Retail.

    The airport boutique is opening with a curated selection from the brand’s future-inspired Autumn 2019 Collection and SW Logo series, including its popular Nudistsong stilettos and Nearlynude block-heel sandals.

    Stuart Weitzman has 128 stores around the world and is represented in both physical stores and online in the US, Canada, Europe, China, Japan and Australia.

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  • LF Products Renamed into Living Style Group

    LF Products Renamed into Living Style Group

    Fung Group subsidiary LF Products will rebrand itself as Living Style Group.

    The pure-play furniture and home furnishings company said in a statement the rebrand follows the completion of Li & Fung’s strategic divestment of its three product verticals (Furniture, Sweaters, and Beauty) in April last year to form LH Pegasus, which is 45-per-cent owned by Hony Capital and 55-per-cent owned by Fung Group.

    “The new brand name, Living Style Group, coupled with a new logo and website, reaffirms the company’s position as a leading furniture company that brings speed to market and provides total supply chain solutions in furniture and furnishings to brands and customers worldwide,” the statement said.

    “Our innovative mindset, design-driven approach and deep-rooted passion has brought us to where we are today, and I am excited to enter this new chapter as we continue to grow the business and bring the highest value to our customers,” added Henry Chan, president at Living Style Group.

    Living Style Group delivers furniture and furnishings through three furniture brands – Kenas Home, True Innovations and Whalen Furniture – as well as an expanding portfolio of licensed brands including private labels and premier lifestyle brands.

    In October, Living Style Group will unveil its new brand identity at High Point Market in North Carolina, the largest home-furnishings industry trade show in the world.

  • Muji to lower prices on 1100 household and grocery items

    Muji to lower prices on 1100 household and grocery items

    Muji household goods store owner Ryohin Keikaku will drop prices on around 1100 products from late August.

    The price reductions will affect 116 product ranges, including clothes, underwear, tableware, confectionery and furniture. The mark downs are the result of new streamlined production and distribution processes adopted by the firm, as well as reselected production areas and materials.

    Examples of the price reductions released by the company include an 11.2 per cent drop in the cost of a set of three “Ashinari Chokkaku Kutsushita” socks and a saving of up to ¥20 on “Pochigashi” candy and cookie packs.

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  • Ikea makes catalogues “shoppable” on Pinterest

    Ikea makes catalogues “shoppable” on Pinterest

    Global furniture retailer Ikea will start putting its product catalogue on Pinterest to give the print publication a longer lifespan and to allow customers to move more quickly from inspiration to purchase.

    According to a report in Digiday, Ikea has been working to monetise its presence on the social platform for some time, which has led to a shoppable version of its catalogue.

    “We didn’t want to just copy and paste – we already have a digital catalogue online,” Ikea media project manager Kerri Longarzo told Digiday.

    “But promotions in the past felt a little stale. We were running out of ways to show the catalogue to people online, so we sought out something different.”

    Pinterest differs from its social media contemporaries in that rather than sharing aspects of their lives, Pinterest users search for images of furniture, recipes, wedding ideas and more, and save it to their ‘boards’ for later reference. Essentially, it’s an online scrapbooking tool.

    “Catalogues have been a pretty big part of the Ikea concept from the very beginning,” Longarzo said.

    “As we get to 2019 and realise customer behaviours are shifting, the world is going more digital, having this print-only piece was becoming more challenging.”

    Ikea’s US Pinterest page boasts more than 10 million monthly unique viewers, while its Australian arm sees numbers closer to 350,000.

    On Ikea Australia’s Pinterest page, you can find boards ranging from bedroom ideas, recipes, and home inspiration – which when clicked through will take users to the relevant product page on the online store, allowing for further shopping or purchases. Adtech Ad

    The pinned images also automatically show other users’ images of the same product, allowing customers to see how the product looks in practical use.

    “People come to Pinterest in a shopping mindset open to discovering products, which creates a great connection between Pinners and businesses,” Pinterest wrote in a statement announcing its catalogue feature to businesses in March.

    “In the past year, we’ve been bringing together the worlds of visual search and shopping to make it easy to shop for anything you see on Pinterest, and for brands to reach people on Pinterest while they’re actively looking for inspiration.”

  • Coco Republic Finally enters the US

    Coco Republic Finally enters the US

    Australian furniture retailer Coco Republic has launched its outdoor collection at HD Buttercup, a showroom in Los Angeles. The move last week represents Coco Republic’s first foray into the US market.

    “This line is one that I’m incredibly proud of, having designed the majority of the collection in-house,” Anthony Spon-Smith, Coco Republic’s creative director, said in a statement about the launch.

    “It is even more exciting to start seeing my designs in Californian homes for the first time.”

    The collection, which was inspired by coastal Californian living and its alfresco lifestyle, includes 40 items selected exclusively for the US market.

    Pieces include teak dining tables and contemporary chairs for entertaining, modular lounges and sofas and a mix of occasional pieces, including accent stools and planters. They are made from a mix of natural and manmade materials and textures, including teak, concrete and outdoor rope.

    The 40-year-old furniture retailer recently announced plans to enter the New Zealand market, with its first international store set to open in Westfield Newmarket in Auckland mid-year.

    “We’ve been on an exciting growth strategy over the last few years,” Coco Republic CEO Nicholas Foster said in a previous interview.

    “We’re a premium aspirational design services brand but we’ve consciously focused on ensuring that we remain accessible from a customer’s perspective,” he said.

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