IKEA To Invest €3B In Expansion; Lays Out Plan For ECommerce Adoption

by Shivani Kumaresan, Benzinga Staff Writer

May 9, 2022 6:59 AM | 1 min read |

Ingka Group, the largest IKEA retailer, plans to invest €3 billion ($3.2 billion) through 2023 in new and existing stores.
The company will focus its expansion investments in new physical stores and revamp existing ones to support the increasing demand for e-commerce and home deliveries.
Tolga Öncü, Retail Operations Manager, Ingka Group, noted close to €1.2 billion invested in London, including the Oxford Street store, new services, and the opening of a distribution centre in Dartford.
During the pandemic, IKEA has seen record demand for its cut-price home furnishings as people spent more time at home, Reuters reports.
Over the past three fiscal years (FY19-21), Ingka Group invested more than €2.1 billion in existing and new stores across its 32 markets.