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Tag: ikea

  • IKEA to sell 23 retail parks across Europe

    IKEA to sell 23 retail parks across Europe

    The shopping centre arm of furniture giant IKEA is putting up for sale 23 outdoor retail parks across Europe, timing the sale to coincide with a commercial property market boom driven by low interest rates.

    Chief Executive Gerard Groener, who took over as head of IKEA Centres in March, declined to estimate the value of the properties but said he was confident IKEA would not lose money on the divestments.

    “The market is strong,” he told Reuters in an interview. “I expect to finalise the deals in less than two years.”

    IKEA Centres, a little-known subsidiary of the Swedish furniture retailer, owns 41 indoor shopping malls in Europe, Russia and China and 25 outdoor retail spaces in Europe.

    They help attract customers to the IKEA stores placed at the heart of the centres, as well as yield rent from tenants.

    Groener said IKEA Group was inviting potential buyers for 23 outdoor retail parks which could include listed and private mall operators and institutional buyers such as pension funds.

    Years of low global interest rates have meant favourable borrowing conditions for firms looking to expand, and have pushed institutional investors to look beyond bonds for assets with better yields such as commercial real estate.

    IKEA Centres says its total property portfolio is worth 9 to 10 billion euros, making it a top 10 shopping centre operator behind France’s Klepierre and Unibail-Rodamco , Australia’s Westfield , U.S. group Simon Property and Dalian Wanda in China.

    Groener, a former executive at Dutch shopping centre operator Corio which was bought last year by Klepierre, said gains from divestments would be invested in new malls across Europe, Russia and China.

    IKEA Centres has plans for 20 new centres.

    NEW CONSUMER PATTERNS

    Groener said the decision to sell the retail parks was not down to cash shortage, but rather to a strategic decision to focus mainly on indoor malls, betting they will attract more visitors long term as they increasingly act as meeting places.

    The space allocated to entertainment and restaurants has grown to 15-20 percent in IKEA’s new centres, he said.

    Demand from food caterers for rental space was growing, and IKEA was also actively choosing such tenants in its push for malls to become more social hangouts.

    “We need to cater for the needs that consumers have, and they are rapidly changing,” Groener said, pointing to growing ecommerce and the need for social spaces. “So we need to create a place that people like to go to, where they like to meet each other, where they do much more than shopping.”

    Last year, IKEA Centres’ then-boss told Reuters that malls, especially in China and its biggest market Russia, were a place not only for shopping, but also for eating and socialising. In China, many of the tenants with the biggest turnover per square metre are restaurants, he said.

    IKEA Centres has been fully owned by IKEA Group, which owns most IKEA stores and ecommerce worldwide, since 2015.

    IKEA Group is a franchisee to Inter IKEA Group which owns the brand. The group opened its first shopping centre in 2001.

  • Ikea may take over BHS sites

    Ikea may take over BHS sites

    Swedish furniture and homewares retailer Ikea is reportedly planning to take over the leases of an undisclosed number of BHS sites in the UK.

    Such a move would mark a strategic change of direction for Ikea, propelling it onto High St rather than its traditional trading space of big barns in destination centres outside city CBDs.

    The Times newspaper has reported that Ikea has held talks with the administrators of BHS and says if a buyer cannot be found for the entire BHS business it will act.

    An Ikea UK and Ireland spokesman, Daniel Lundholm, said: “I can confirm that we have not and will not be bidding to buy the BHS business out of administration. However, we are exploring a number of potential locations across the UK for more order and collection points.”

    Ikea has 18 stores in the UK.

    Meanwhile, the Daily Mail has reported that BHS’s former owner Retail Acquisitions, run by twice-bankrupt ex-racing driver Dominic Chappell, burnt through more than £100million in 13 months at the company after buying it from Sir Philip Green for £1. The firm’s management battled to block ‘inappropriate’ spending but the company is now in administration putting 11,000 jobs at risk while the Pension Protection Fund is overseeing a £571 million pension deficit.

    BHS, founded in 1928, collapsed last month.

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  • Mixed fortunes for Dairy Farm Indonesia

    Mixed fortunes for Dairy Farm Indonesia

    Dairy Farm International’s Indonesia operation continues to struggle in food – but Ikea trades above expectations.

    The Hong Kong-listed company holds a controlling 83.9 per cent share in PT Hero Supermarket Tbk, which operates Giant hypermarkets and grocery stores, Guardian pharmacies and has the nation’s Ikea franchise, among others.

    Hero has reported a first quarter sales decline of 3 per cent to IDR3,409 billion (US$258 million), a 2 per cent improvement in gross profit, but a net loss of IDR 35 billion ($2.65 million).

    “While there are initial signs of margin improvement, the trading conditions for food are expected to remain challenging,” said president director Stephane Deutsch.  “Various initiatives are underway to improve the profitability of the Food business, and continuing progress is expected in both health and beauty and Ikea.”

    Although still relatively new, Ikea was the star of the quarter with sales up by double digits, exceeding both sales and profitability expectations.

    A total 28 net stores were closed in the first quarter, including one Giant Ekspres, 24 Guardian and five Starmart convenience stores. This was offset by the opening of one Guardian and 1 Giant Ekstra.

    In health and beauty, Guardian’s store rationalisation program is “progressing well”, said Deutsch. Together with the introduction of refreshed branding and increasing private label development, the restructure is leading to improvements in both sales and profitability.

    But profitability in the food operations was reduced due to the lower sales, higher stock provisions and increasing costs resulting from last year’s wage increases.

    “Significant attention continues to be given to driving sales growth, and several initiatives are underway to mitigate the effects of rising costs through energy savings and improved productivity,” said Deutsch.

    In food, the strategic decision to increase the focus on fresh produce is showing promising results with strong like-for-like sales growth.

    “Disappointing grocery and general merchandise sales, however, impacted negatively the overall food [division] performance during the quarter, especially in Giant. Action is also being taken to improve the efficiency of the supply chain, with increased centralisation through the group’s distribution centres,” he said..

    Both Giant Ekstra and Ekspres are taking action to improve their trading and their profitability.

    Dairy Farm Indonesia’s upscale format, Hero Supermarket, had stable like-for-like sales and continues to focus on enhancing its offer across the fresh, imported and exclusive ranges to provide a more distinctive choice for customers.

    At the end of the quarter (March 31), Hero operated 582 stores: 54 Giant Ekstra, 153 Giant Ekspres and Hero Supermarket, 295 Guardian Health and Beauty stores, one Ikea and 79 Starmart convenience stores.

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  • IKEA Will Open First PUP Store In China

    IKEA Will Open First PUP Store In China

    Ikea’s first pick-up and order point in China is currently being built in Wenzhou and is expected to officially open at the beginning of this summer.

    Ikea PUP store is a new model established by the company in 2015. With an area of about 1,800 square meters, the Ikea Wenzhou PUP store will display about 2,500 kinds of products. Meanwhile, local consumers can order most of Ikea’s products at the order point. It is reportedly a small-sized Ikea and the extension of the Ikea Ningbo store.

    Consumers can first experience Ikea products in the display zones and choose to buy the products directly from Wenzhou PUP store or place an order to the Ikea Ningbo store in eastern China. The ordered products will then be delivered to the Wenzhou order point or to consumers’ homes. In addition, the Wenzhou PUP store will have professional staff to provide home solution planning and purchase services. However, no food and beverage area is available at the PUP store.

    A representative from Ikea China said that the establishment of the Wenzhou order point will make consumers’ shopping experience more convenient. Meanwhile, it will lay a foundation for the future expansion of Ikea’s online businesses. Ikea started the operation of this new PUP model from 2015. So far, it has launched such stores in London, Toronto, and Phuket.

    Ikea’s financial report for 2015 revealed that the company’s total sales for 2015 were EUR31.9 billion, a year-on-year increase of 11.2%. Its sales increase was mainly contributed by store sales, especially new stores integrating e-commerce functions.

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  • Ikea Korea falls foul of regulator

    Ikea Korea falls foul of regulator

    South Korea’s antitrust watchdog has told global furniture giant Ikea Korea to revise its terms regarding refunds for cancelled deliveries.

    Ikea, which opened its first store in southern Seoul in 2014, is running a delivery service for South Korean customers who are familiar with free packaging and door-to-door delivery.

    The service costs between 19,000 won (US$16) and 159,000 won ($137) depending on the distance from its store in Gwangmyeong to the destination.

    Ikea Korea has never refunded the delivery fees for any cancelled items even if the item is cancelled before the delivery truck departs, according to Korea’s Fair Trade Commission (FTC).

    The FTC said the furniture company has to change its refund guidelines to enable customers to get a refund after omitting packaging and other costs upon the FTC’s recommendation.

    Ikea Korea also revised its assembly terms to pay back the money when the customer cancels the service, added the watchdog.

    “We’ve received many complaints about Ikea’s refund policies on its delivery and assembly services,” said Min Hye-young, director of the unfair contract examination division at the FTC.

    “We took action, as all customers have the right to get a refund for their cancelled purchases.”

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  • Ikea expanding to Johor Bahru with new store by end 2017

    Ikea expanding to Johor Bahru with new store by end 2017

    Ikea Malaysia is expanding to Johor Baru and plans are underway to open its new store by end 2017 which will be the first in the southern region of Peninsular Malaysia.

    The Swedish furniture giant said on Thursday the new store would be near Jalan Desa Tebrau.

    Mike King, the retail director for Ikea Malaysia, Singapore and Thailand, said the new store “is part of our overall ambition to expand in Southeast Asia and commitment to provide more Malaysians with affordable, functional and well-designed Swedish home furnishings”.

    He said the group was inviting Malaysians to join its team to pioneer the set up of the new store. Ikea is embarking on the first phase of recruitment for over 50 positions, including those for the store’s management team.

    Openings include positions for the store manager as well as managers and assistant managers for sales, communication and interior design, human resource, sustainability, restaurant, logistics department and more.

    “We believe that growing our business and people goes hand-in-hand. We want to work with down-to-earth and straightforward individuals who share the same passion towards creating a better everyday life for the many people,” King added.

    It said the Ikea workplaces in Malaysia and around the world were different than most retail environments.

    Ikea added that while its brand was successful and strong, its approach was humble and its employees had fun on a daily basis in open, inclusive offices.

    “Our leaders enjoy exceptional freedom to take responsibility. We offer a competitive package of rewards – including an incentive plan, medical benefits, employee discounts and opportunities to learn and develop,” it said.

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  • IKEA donates Rs 92 crore for safe water projects in India, Indonesia

    IKEA donates Rs 92 crore for safe water projects in India, Indonesia

    Swedish furniture retailing giant IKEA will contribute 12.4 million euro (Rs 92.84 crore) to provide safe water and sanitation to one million people in India and Indonesia through Water.org. IKEA Foundation has announced a new grant of 12.4 million euro to Water.org on the occasion of the World Water Day, it said in a statement.

    “IKEA Foundation is committing 12.4 million euro to Water.org to expand its WaterCredit model, helping families have access to small, affordable loans so they can get safe water and sanitation,” it added. IKEA Foundation is the philanthropic arm of INGKA Foundation, the owner of the IKEA Group of companies.

    Commenting on the development, Matt Damon, co-founder of Water.org said: “Our work at Water.org has never been more important, and thanks to this grant and to IKEA Foundation, we are going to help hundreds of thousands of kids gain access to safe water and sanitation and impact their lives forever.”

    IKEA Foundation CEO Per Heggenes said: “We believe that every child deserves a healthy start in life and this is why we are supporting Water.org’s innovative programmes to help families in India and Indonesia access safe water and better sanitation facilities, giving them improved health and a life of dignity.”

    The World Bank estimates that 21 per cent of communicable diseases in India are linked to unsafe water and the lack of hygiene practices, and 50 per cent of India’s population continues to practice open defecation, the statement said. In Indonesia, more than 33 million people lack access to safe water and 100 million lack access to improved sanitation facilities.

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  • Ikea Kicks Off $444 Million Global Media Review

    Ikea Kicks Off $444 Million Global Media Review

    Ikea is reviewing its entire $444 million global media account, which is currently split between a range of agencies across five different holding companies. WPP’s MEC retained Ikea’s media planning and buying duties in the U.S. following the last media review in 2009. Dentsu Aegis Network’s Vizeum won the U.K. business from WPP’s MediaCom in the same review, which took more than six months to complete. In Asia, Vizeum picked up the business in Singapore, Thailand and Malyasia in September 2015, after winning Korea a year earlier.

    The Swedish furniture retailer confirmed in a statement: “Ikea is currently in the process of reviewing its media agency suppliers globally. ID Comms, our media consultancy partners, will be helping us facilitate this process.”

    An executive familiar with plans for the review said media buying is currently split among agencies from five different agency holding companies.

    Ikea’s statement continued, “As part of our commitment to the ongoing improvement of our media and marketing governance, Ikea periodically evaluates all marketing service suppliers to ensure we maintain the best working relationships with the best agency partners.

    Creative duties on Ikea are not under review. Like the current media arrangements, creative is split between a number of different agencies around the world. New York, BBH Singapore, Buzzman Paris, Mother London, and Forsman & Bodenfors and Akestam Holst in Sweden have all created memorable campaigns for the brand.

    Ikea’s sales reached $35 billion in the year ending Aug. 31, 2015, with like-for-like sales up 5% on the previous year. Including new store openings, sales were up 11.2% last year.

    The company’s head of sustainability, Steve Howard, recently told a conference organized by The Guardian in London, “We have probably hit peak stuff.” He pointed to growing emphasis on repairing and recycling in future, while at the same time declaring a target of almost doubling sales by 2020. China and Russia are currently its fastest growing markets.

    Ikea is No. 66 in the ranking of Top 100 Global Marketers compiled by Ad Age’s Datacenter. In 2014, the vast majority of Ikea’s spending – 79% – was in Europe, with 15% in the U.S. and less than 2% in Asia.

    ID Comms also worked on the $2.6 billion global Johnson & Johnson pitch last year, and on the U.S. and European A-B InBev reviews in 2014.

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  • Dairy Farm exits Starmart Indonesia

    Dairy Farm exits Starmart Indonesia

     

    Convenience store and grocery retailer Hero Supermarket is to exit the troubled Starmart Indonesia business.

    Hero, a subsidiary of Hong Kong-headquartered Dairy Farm International, has announced the sale of 80 stores to Fajar Mitra Indah, a subsidiary of Wings Group, an Indonesian food conglomerate which owns the FamilyMart franchise in the country. The networks will be merged by the year’s end under the FamilyMart banner, taking that network to 80.

    The sale follows the closure of 50 poorly performing stores in the network last September after a long-running strategic review. The balance of the stores – the number of which is undisclosed – will be shuttered.

    The Starmart business had effectively been kneecapped by rapidly implemented Indonesian government policies, most significantly a ban on convenience stores selling alcohol which took effect last April. A general economic slowdown has not helped sales of other goods.

    In a statement, Hero said it would withdraw entirely from the convenience stores business in Indonesia. No transactional details were revealed but the company said the closure would have no material impact on its trading figures this year.

    Both Starmart and FamilyMart are relative minnows in the Indonesian convenience store sector – local chains Alfamart and Indomart – each about 10,000 outlets strong – dominate.

    According to a report in the Nikkei Asian Review, Hero’s profit fell 90 per cent in 2014 and slipped into the red in 2015. Its supermarket business is under pressure from discounters and the company has also shuttered a number of unprofitable Guardian drugstores.

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  • Ikea finding India alluring, but difficult

    Ikea finding India alluring, but difficult

    Ikea has good reason to expand into India. The country has an emerging middle class dominated by millennial-age, mobile-first consumers, among other perks. That has led many retailers to eye the country as an alternative to faltering China.

    English is an official language in the country, and serves as a common language for many of the sub-populations there. And while there’s a Chinese equivalent to Facebook, Twitter, and other social media platforms, the most widely used ones in India are those that are widely used in the U.S. India gives Facebook its second-largest membership base, after the U.S. That means brands have one less barrier to bust through when reaching Indian consumers.

    Above all, though, experts have told Retail Dive that India’s demographics are almost ideal for retailers, with a population that includes a large young, mobile-first generation and a growing middle class. It’s now outpacing China as the world’s fastest-growing big economy.

    But, it turns out, there’s a catch, or several. The bureaucratic and economic realities in India also present significant obstacles, as this report on Ikea demonstrates.

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  • Construction of second Bangkok Ikea store starts

    Construction of second Bangkok Ikea store starts

    On 18 February 2016 Ikano and Central Pattana representatives broke ground at the site for Thailand’s second IKEA second store in West Bangkok.

    IKEA-Bangyai-Ground-Breaking2

    From left to right: Ms. Amornrat Bunyongsin GM-Central Plaza Westgate; Ms. Lacia Sherlock, IKEA Retail Project Leader for Ikano Private Limited; Mr.Sebastian Hylving, Expansion Director for Ikano Private Limited; Mr. Narit Ratanaphichetchai, Executive Vice President-Business Development Central Pattana Public Company Limited; Mr. Isareit Chirathivat, Vice President of Property Management, Central Pattana Public Company Limited; Mr. Mike King, the IKEA Retail Director for Ikano Private Limited

    The site is in Bangyai, to be fully integrated into Central Plaza Westgate shopping centre with wide open entrances at all levels of the mall and direct link to the upcoming MRT (public transportation) line.

    “We are creating the world’s best integration of an IKEA store into a shopping centre,” said Sebastian Hylving, Expansion Director for Ikano Private Limited, owner of the IKEA franchise in Singapore, Malaysia and Thailand.

    In a highly complex design, the showroom and a market hall are housed inside an expansive two-storey concourse building that creates a bridge to the Westgate mall. The self-serve warehouse will be on the ground floor.

    IKEA-Bangyai-Ground-Breaking

    “This is not going to be the usual blue box,” said Lacia Sherlock, IKEA Retail Project Leader for Ikano. “This will be our only store that offers customers an opportunity to enter and checkout at every level. We will deliver a fantastic customer experience.”

    Ms. Sherlock explained that the 50,278m2 building includes 1,900 parking spaces, a dedicated area for outdoor furniture, and two unique cafes – one will “float” over the showroom in an open mezzanine. The 6.3 billion THB project also aims to reach new heights in Thailand terms of sustainable construction and operation. It will be fitted out with hundreds of rooftop solar panels, 100% LED lighting and other features that are expected to earn this IKEA store the highest level of LEED certification.

    Mike King, the IKEA Retail Director for Ikano, is confident many of the 1.6 million people who live in Bangyai and the surrounding area – including a growing population of young families – will make the trip to the new store when it opens at the end of 2017.

    IKEA-Bangyai-perspective

    “There may be a lot of competition in the home furnishing business here in Thailand, but no other retailer offers the whole family a great day out in the way IKEA does,” said Mr. King. “No other retailer provides customers both an inspirational showroom and 9,500 functional, well-designed products – flat-packed and ready to take home the same day.”

    In November last year, the company opened a second store in Kuala Lumpur and a Pick Up and Order Point in Phuket. The Bangyai project marks Ikano’s first collaboration with Central Pattana Public Company Ltd.

    Isareit Chirathivat, Vice President of Property Management, Central Pattana Public Company Limited said: “We are honored to join hands with Ikano to develop the newest model of IKEA store. We are confident IKEA will help Central Plaza Westgate achieve its vision of being ‘The Most Complete Super-Regional Mall in Southeast Asia’. We will attract Thai and foreign customers alike and create a truly great destination for people to shop, dine and play in West Bangkok.”

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  • Ikea Indonesia loses right to its own name

    Ikea Indonesia loses right to its own name

    Ikea Indonesia has suffered a rude shock: Indonesian trademark laws have left the Swedish furniture giant without the right to its own name in the Southeast Asian nation.

    A decision of the Central Jakarta Court granting Indonesian ownership of the Ikea brand name to a local business back in September 2014, has been upheld in a majority decision by the Supreme Court.

    Commentators and critics of the Indonesian government and the country’s legal system say the court decision should be a warning of “the dangers facing foreign companies” who go to Indonesia.

    The Supreme Court says the name Ikea is legally owned by PT Ratania Equator, a Surabaya company which registered the Ikea trademark as an acronym for ‘Intan Khatulistiwa Esa Abadi’.

    The real Ikea trademarked its name in Indonesia on october 9, 2006 and again on October 27, 2010. But Ratania lodged claim to the name arguing that Ikea had not actively used its trademark in three consecutive years for commercial purposes. Under Indonesian trademark laws, this means its rights to the brand expire.

    That’s why Ratania registered the Ikea trademark on December 20, 2013, and then sued IKEA of Sweden in the Central Jakarta District Court to get it to give up its claims to the trademark.

    The September 2014 ruling ordered Ikea Sweden to stop using its own name. Ikea appealed, which led to the Supreme Court ruling this week in Ratania’s favour.

    Ikea has yet to announce its next step. It seems likely it will have to either buy its name back or begin trading under another name in Indonesia, neither easily palatable options for a company of its international standing.

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  • “IKEA Effect” Hits South Korea with Boom in Furniture Retail Market in 2015

    “IKEA Effect” Hits South Korea with Boom in Furniture Retail Market in 2015

    The furniture market in South Korea has seen a surge in sales since IKEA entered the retail sector last year, stimulating consumer tastes for trendy home furnishings and competing with local retailers, South Korean news agency Yonhap reported on Monday.“The rising interest in home interior items has boosted demand for new furniture, driving up sales of furniture makers,” said Kim Kwang-seop, an official at Statistics Korea.

    According to Statistics Korea, retail furniture sales have jumped 7 percent since 2014 – the highest growth rate since almost a decade ago – with five trillion won ($4.15 billion) in earnings in 2015.

    Though local South Korean furniture retailers initially voiced concerns about losing business to the Swedish-headquartered furniture conglomerate that set up base in the outskirts of suburban Seoul in January 2015, the healthy competition has been a boom for the industry, according to Yonhap, which terms the industry’s revival the “IKEA effect.”

    The five largest home furnishing retailers – including Hanssem, Hyundai Livart and Enex – reported a 20 percent upsurge in sales in 2015, with experts also attributing the consumer boom to aggressive advertising by retailers through showrooms in major cities as well as the rising popularity of home renovation TV shows.

    IKEA, which has earned $308 million since its launch and has had over 6.7 million visitors, now plans to open up five more stores by 2020, according to Yonhap.

  • Furniture giant IKEA loses its trademark dispute in SC in Indonesia

    Furniture giant IKEA loses its trademark dispute in SC in Indonesia

    There is Samsung of South Korea, Sony of Japan, BMW of Germany and IKEA of Indonesia. Wait! IKEA of Indonesia? Yes, at least in Indonesia, if not worldwide.

    Furniture giant IKEA, founded in Sweden in 1943, has lost a trademark dispute in Indonesia after the country’s highest court agreed the name was owned by a local company.

    Indonesian furniture company PT Ratania Khatulistiwa registered its IKEA trademark in December 2013. It’s an acronym of Intan Khatulistiwa Esa Abadi.

    The Supreme Court’s ruling was made in May last year but only surfaced publicly this week with its publication online by the court on Thursday.

    It said IKEA had not actively used its trademark in three consecutive years for commercial purposes and it could be deleted under Indonesia’s trademark law.

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  • IKEA Celebrates 1st Bumper Year in Korea

    IKEA Celebrates 1st Bumper Year in Korea

    Swedish furniture giant IKEA will open five more stores here by 2020, IKEA Korea retail manager Andre Schmidtgall told reporters Wednesday.

    Speaking on the first anniversary of the first IKEA store on the southern outskirts of Seoul, Schmidtgall said the decision was prompted by its better-than-expected performance.

    The store in Gwangmyeong, Gyeonggi Province is IKEA’s second largest in the world. Some 6.7 million customers visited over the past year and sales reached W308 billion (US$1=W1,179).

    “Korea is a great market with huge potential, with a growing customer interest in home furnishing,” Schmidtgall said.

    IKEA plans to invest W1.2 trillion by 2020 to open the five additional stores in Goyang north of Seoul, Gangdong in the eastern part of the capital, as well as Daejeon and Busan. The new stores are expected to create 3,500 jobs. The store in Gwangmyeong employs 913 Korean workers.

    The next store will open in Goyang in 2017 on an even bigger scale.

    Schmidtgall played down concerns that IKEA harms regional businesses. “The actual numbers do not show that,” he said.

    The Korea Distribution Association analyzed credit card transactions from December 2014 to August this year and found that revenues at stores within a 10 km radius of the IKEA Gwangmyeong store in fact rose between 7.5 and 27.4 percent.

    Schmidtgall pointed out that the Gwangmyeong store is the only IKEA outlet in the world to offer part of its underground floor space to small businesses.

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