A positive year helps Ikea grow market share in UK

Ikea posts bumper UK sales growth | London Business News

IKEA UK continues to outperform the market in home furnishings, increasing its market share to 8.4% (+0.4% on last year).

Announcing its FY18 annual summary today, the Swedish retailer posted sales of £1.965billion in the United Kingdom for the year ended August 31.

The retailer opened two new stores in Sheffield and Exeter, taking its tally to 21 in the United Kingdom, and is set to open an outlet in Greenwich in spring 2019.

A greater emphasis on accessibility, convenience and enhanced services are all key contributors to IKEA's continued growth in the UK.

There were strong performances in categories across the board, including a 17% uplift in outdoor living, a 12% increase in sales of cooking products, and home decoration up 9%.

Ikea has made several changes to its online offering, but it is in fulfilment and formats - with the opening of several new smaller stores set up with click & collect customers in mind - where a significant switch in direction has been made.

Ikea has also this year announced the opening of its "Planning Studio" on Tottenham Court Road, central London, the first step in what it describes as a "city centre approach". "In London, fewer people have a vehicle", Mr Quinones said.

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The Swedish furniture retailer Ikea is hoping to open smaller city outlets across the UK.

However, he added that the business would continue to invest in its out-of-town stores.

While almost 60m visitors flocked to the company's stores, a 4.5 per cent rise compared to the 2017 financial year, online sales grew faster still at 14.4 per cent.

Mr Quinones said: "Our stores will always be an important part of the Ikea brand when it comes to inspiration. We also revamped the textiles department in Milton Keynes, giving more space for customers and co-workers to co-create together".

"Our online business allows us to be even more accessible to people who might not be within reach of a physical store", Quinones, who took the role earlier this year, said.

He added: "That's why we are focused on providing a seamless shopping experience and want to give our customers the choices they expect, no matter how they choose to shop with us". Ikea said at the time that the site was "no longer viable". "We know we don't constantly have the answers but we are driven to constantly try and test new ways".

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