Ikea Korea's growth has seen a sharp drop in the past year, and the company is aiming to win back customers with cheaper deliveries and maybe even lower fees to assemble wardrobes and bookshelves.
IKEA Korea reported 683.6 billion won ($590 million) in sales in the fiscal year ending Aug. 31, up 3.4 percent on year.
Almost all Koreans are getting 250,000 won from the government. But they won't be allowed to spend any of it on luxury goods, in big supermarkets or at foreign retailers like IKEA -- or even for a Starbucks Frappuccino .
Eco-friendly e-commerce deliveries, sustainable furniture and plastic bottles without labels are some goods and services provided by the companies partnered with the P4G Seoul Summit as a part of efforts to reduce the carbon footprint.
Once an industrial area packed with factories in the late 20th century, renovated buildings in the Seongsu neighborhood in Seongdong District, eastern Seoul, are now becoming hot spots among younger generations who are in love with
Furniture shopping has become increasingly popular among consumers in their 20s throughout the coronavirus pandemic, according to data from Shinhan Card’s big data research center.
Swedish furniture giant IKEA saw double-digit growth in its 2020 fiscal year, as interest in furniture increased with more people spending time at home due to the Covid-19 pandemic.
Ikea is opening its second Planning Studio in Korea next month.
With more people studying, working and eating at home because of the Covid-19 outbreak, furniture companies are doing well.