IKEA makes major change to every UK store 'as a priority'

IKEA makes major change to every UK store 'as a priority'
-Credit: (Image: Reach Publishing Services Limited)


IKEA says says cutting prices "remains a priority" after a UK sales slide. Sales are down nearly seven per cent to £2.3 BILLION in the year to August as the number of items sold fell back and retailer lowered prices, the furniture giant has said.

IKEA said it had invested £117m in reducing the price on a third of its UK products by about 20 per cent during the year because it wanted “to side with the many people facing increased cost pressures”. eter Jelkeby, the chief executive of Ikea UK, said: “In a year of economic uncertainty, our priority was clear: stand with our customers. In spite of our reduced turnover, continuing to lower prices remains our long-term priority.”

He said online sales had risen by 2 per cent in the year to August, helping to offset a decline in trade at physical stores after Ikea closed one of its 22 UK outlets in August 2022 amid a change in shopping habits. Many households have reined in spending on “big-ticket” items such as furniture to prioritise bills or experiences such as holidays, it said.

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As well as its focus on lowering the price of products, IKEA has lowered service-related prices. Throughout the year, the retailer introduced more affordable delivery options, such as reduced furniture delivery pricing and an increased offer of free click-and-collect services 2 . Furthermore, IKEA continues to offer free in-store and online planning services, such as for kitchens, bedrooms, and living room storage, helping customers to plan and optimise their spaces.

With consumers looking for smart ways to save money, IKEA has seen continued success with its Buyback scheme, rewarding customers with an in-store credit. In FY24, a total of 52,600 products were bought back, demonstrating the popularity of this part of IKEA's plans to enable a more circular economy.