IKEA was hit hard by COVID-19 due to lockdown in various countries, like UK and Canada. Due to the ongoing war and unimproved situation in Russia, IKEA said on June 15 that it would sell factories, close offices and reduce its work force. However, Ingka also owns 14 shopping centers across Russia operating under its Mega brand. In March 2022, IKEA announced the closing of all 17 stores in Russia, resulting from the 2022 Russian invasion of Ukraine, the first market in which they suspended business. In November 2021, IKEA opened its largest store in the world, measuring 65,000 square metres (700,000 sq ft), in the Philippines at the Mall of Asia Complex in Pasay City. In August 2018, IKEA opened its first store in India, in Hyderabad.
As for the region's largest markets, on April 8, 2021, a store was opened in Mexico City. IKEA entered Latin America in February 2010, opening in the Dominican Republic. Germany, with 53 stores, is IKEA's biggest market, followed by the United States, with 51 stores. IKEA further expanded in the 1980s, opening stores in countries such as France and Spain (1981), Belgium (1984), the United States (1985), the United Kingdom (1987), and Italy (1989). Later that decade, stores opened in other parts of the world, such as Japan (1974), Australia, Canada (1975), Hong Kong (1975), Singapore and The Netherlands (1978). German executives accidentally opened a store in Konstanz (Germany), approximately 200 miles (320 km), from their intended location of Koblenz (Germany).
1.1 First store opening in each locationsīy 1973, the company's expansion was so great it was straining resources. The group is responsible for approximately 1% of world commercial-product wood consumption, making it one of the largest users of wood in the retail sector. The IKEA website contains about 12,000 products and there were over 2.1 billion visitors to IKEA's websites in the year from September 2015 to August 2016. All IKEA stores are operated under franchise from Inter IKEA Systems B.V., most of which are operated by Ingka Group some of them are operated by other independent owners. Īs of March 2021, there are 422 IKEA stores operating in 50 countries and in fiscal year 2018, €38.8 billion ( US$44.6 billion) worth of IKEA goods were sold. Ingka Group is a franchisee that pays 3% of royalties to Inter IKEA Systems. Inter IKEA Holding is also in charge of design, manufacturing and supply of IKEA products. At the same time, the IKEA brand is owned and managed by Inter IKEA Systems B.V., based in the Netherlands, owned by Inter IKEA Holding B.V. INGKA Holding B.V., based in the Netherlands, owns the Ingka Group, which takes care of the centers, retails, customer fulfillment, and all the other services related to IKEA products. In addition, the firm is known for its attention to cost control, operational details, and continuous product development that has allowed IKEA to lower its prices by an average of two to three percent. The group is primarily known for its modernist designs for various types of appliances and furniture, and its interior design work is often associated with an eco-friendly simplicity. The brand used by the group is an acronym that consists of the founder's initials, and those of Elmtaryd, the family farm where he was born, and the nearby village Agunnaryd (his hometown in Småland, southern Sweden). Started in Sweden in 1943 by 17-year-old Ingvar Kamprad, IKEA has been the world's largest furniture retailer since 2008. Retail page IKEA ( Swedish: US: / aɪ ˈ k iː ə/) is a Swedish-founded, Dutch-headquartered multinational conglomerate that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, among other goods and home services.
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