Ikano Retail, owner of IKEA Singapore, posts EUR 1.09 billion in total turnover

With 14 omnichannel IKEA stores and five IKEA-anchored shopping centres in its portfolio, Ikano Retail is one of 12 IKEA franchisees around the world. The retailer posted a modest performance against last year, with total revenue rising 1.3 percent year-on-year. 

In Singapore, Ikano Retail owns and operates three IKEA stores (IKEA Tampines, IKEA Alexandra and IKEA Jurong), ecommerce, interior design and renovation services, kitchen planning studios, a collection point and its B2B arm, IKEA for Business. It closed its financial year on 31 August with a turnover of EUR 250 million up 0.6% from last year, helped by the strengthening of the Singapore dollar against the Euro¹ compared to the previous year. 

“Worldwide, retail had a tough year, and so did we,” said Ikano Retail CEO Christian Roejkjaer, acknowledging the impact inflation and the rising costs of living have had on consumers. “But coming together to turn a challenge into an advantage is the very essence of our Ikano and IKEA company culture,” Mr Roejkjaer added. 

Despite mixed performances across its markets, the retailer is committed to lowering prices on essential and best-selling home furnishing items, food and services. “We’re passing on savings where we can because we know how tough it can be for households with thinner wallets,” said Mr Roejkjaer. 

At a time of high inflation and living costs, IKEA Singapore is siding with the many people by investing in lower prices to help Singaporeans feeling the pinch find savings where it matters. The furniture retailer has lowered prices again this year on over 550 articles, all of which are essential or best-selling items, from its MALM bed frame to GLIMMA tealights. IKEA Singapore has also lowered the price on delivery services to help customers stretch their hard-earned savings further. 

Across Ikano Retail markets, IKEA storage solutions once again met the needs of customers looking to declutter their spaces. Items from the MALM, PAX, and BILLY families took the top three spots respectively, based on total sales value from all 14 of Ikano Retail’s IKEA stores. In Singapore alone, 34,867 BILLY bookcases were sold as many turned to the iconic IKEA shelf to keep their homes and offices organised. Meanwhile, IKEA Food remained a destination across markets, again welcoming 14.5 million visits across all its IKEA restaurants, cafes, bistros and Swedish Food Markets. Total food sales were down 3 percent, partly impacted by global food supply, but the business will continue to meet the needs of customers looking for delicious and more affordable food options.

Said Mr Roejkjaer, “A big thanks to the Ikano Retail team that took us through the year to become leaner, more agile and making our store-based omnichannel business model more customer-focused than ever.”

¹All financial figures are reported in Euros, the official reporting currency of Ikano Retail.

Fast facts

1 September 2023 – 31 August 2024 

• EUR 188.94m Total ecommerce sales across Ikano Retail markets, up 6% from the last financial year.
• 49.3 million Meat, plant, chicken and vegetable balls sold across five countries. 11.5 million in Singapore.
• 5.54 million Bowls and plates from the OFTAST series sold; 550,669 in Singapore.
• 4.93 million IKEA Family members across Ikano Retail markets – up 1.65% from the year before.
• 791,000 Online customers served, 10% more to last year.
• 744,100 IKEA Family members in Singapore, accounting for 54.7% of total sales in the country.
• 550,000 CRM members across five Ikano Centres, a 22% increase.
• 176,343 BILLY bookcases sold across Ikano Retail markets, up 7% from last year.
• 4,942 Co-workers across Ikano Retail – including 1,022 in Singapore.

Turnover from Ikano Retail’s IKEA stores contributed to the total result to be reported on 8 October by the global IKEA franchisor, Inter IKEA Group. The table below reflects Ikano Retail’s store and centres turnover.