Ikano Retail, the franchise holder for IKEA in Thailand, reported a year-on-year sales growth of 3.9%, with total revenue exceeding 10 billion baht (approximately €286 million). The company operates four IKEA stores in the country: IKEA Bangna, IKEA Bang Yai, IKEA Phuket, and the newly opened IKEA Sukhumvit, which launched on December 1, 2023.
Commitment to affordability
To support its Thai customers amid rising living costs, Ikano Retail announced it will reduce truck delivery fees. This change aims to ease financial pressures for consumers. Additionally, the company plans to lower prices on over 2,400 essential home decor items. Most of these products are essentials or best-sellers, including popular items like storage boxes and kitchen furniture. The company has also announced similar price adjustments in Singapore and the Philippines.
In Thailand, storage solutions have seen significant demand, particularly for the MALM, PAX, and BILLY collections. Approximately 34,460 BILLY bookcases sold reflect consumer interest in efficient home and office organization.
Food sales and community engagement
Although the company reported a 3% decline in food sales—partly due to global supply chain issues—IKEA’s dining offerings still attracted over 14.5 million visits to its restaurants, cafés, and Swedish food corners throughout the year. This trend indicates the continued popularity of IKEA’s food services among Thai customers.
Real estate development and community hubs
In addition to its retail operations, Ikano Retail engages in community development projects through various initiatives that foster local engagement. As Ikano Retail continues to adapt to market conditions in Thailand, the company’s commitment to affordability and sustainability highlights its intent to meet the evolving needs of consumers.
Ikano Retail Thailand revenue
Source: MGR Online
