IKEA Korea's Sales Growth Rate Plummets from 33% to 3.4%, Recording 683.5 Billion Won
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At the beginning of the COVID-19 pandemic, IKEA Korea's sales growth rate increased up to 33%, but it shrank to 3.4% this year.
On the 26th, IKEA Korea held an online press conference and announced that its sales for the 2021 fiscal year (September 2020 to August 2021) recorded 683.5 billion KRW, a 3.4% increase compared to the same period last year. This is a significant decrease compared to the 33% sales growth in the 2020 fiscal year (September 2019 to August 2020). The full impact of COVID-19 and the diminished performance effect from new store openings caused the sales growth rate to sharply decline within one year. The total number of visitors both online and offline was approximately 70 million.
IKEA Korea declared the past fiscal year as the "Year of Sustainability." Fredrik Johansson, CEO of IKEA Korea, said, "We laid the foundation as a leading company in sustainability through achievements such as expanding sustainable products to 36% of the total product range and achieving 25% electric vehicle furniture deliveries."
In the 2022 fiscal year, through the brand campaign "Saesaengseureopge" (meaning "A New Life"), IKEA Korea plans to carry out various activities so that many people can discover a new self and create a happy daily life in a broader concept of home, including local communities and the planet.
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They will also introduce home furnishing products with reasonable prices that combine design, functionality, quality, and sustainability. Following the newly segmented delivery fees based on volume and size, the same-day and next-day delivery service area, offered at 29,000 KRW for regions near stores, will be expanded. An external pickup point service, allowing customers to collect products outside IKEA stores, will also be launched within this year. Additionally, to actively respond to climate change, IKEA Korea plans to enhance energy efficiency and invest in renewable energy.
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