IKEA has seen better times in Singapore, which just presented the results for fiscal 2019 ended 31 August. With a turnover of S$341 it is S$1 million lower than this time last year equaling a 0.3 percent decrease according to The Business Times.
“The overall healthy and largely flat turnover was in line with our expectations,” Corinna Schuler, head of corporate communication at Ikea South-east Asia, told The Business Times.
Because even though it is a decrease, the Swedish home retailer was expecting this.
Singstat’s July figures reveal that sales in the Singaporean retail industry for home furnishings and household equipments have decreased 8 per cent for the past years.
“These are some of the toughest times Singapore retailers have seen. In the city-state, we are challenged by declining consumer confidence and the lowest growth in annual GDP since the global financial crisis,” Corinna Schuler said.
Neighbours doing better
Generally, in South-East Asia, Ikea has a bit more to celebrate.
For fiscal 2019 revenue has risen 20 percent from S$1 billion last year to S$1.21 billion this year.
Ikea’s South-East Asia business region comprises Singapore, Malaysia and Thailand.
In Malaysia, Ikea managed to bring home S$495 million while Thailand has brought in S$374 million.
Malaysia is due to get an Ikea-anchored shopping center in Johor Bahru in November 2019.
The Philippines can also look forward to a store in the near future.