IKEA to expand across Southeast Asia , targeting Vietnam and Philippines

Swedish furniture giant IKEA has announced plans to expand in Southeast Asia.

This follows IKEA’s entry into India this year, with the company also setting its sights on new locations including South America. The company’s most recent expansion has focused mainly on China and Russia.

Including all franchisees and customer services, the firm allotted a total of €45.14bn in retail sales for the past financial year.

See also: 

IKEA opens first India store

London profits from China's Golden Week

Latest edition of Business Review Asia - out now! 

The company currently has over 400 stores and operates in 490 markets across Europe, North America, the Middle East, Asia and Australia.

It has announced it plans foremost to add Vietnam and the Philippines to its existing markets in Southeast Asia which include Malaysia and Thailand.

Inter IKEA CEO, Torbjorn Loof, told the Jakarta Post that Ikea plans to add 22 new stores this year, which will be an increase from the 14 opened in 2017. In the future, the firm hopes to grow at a rate of 25 stores per year.

While growth in sales last year was lower than expected, Loof commented that he expects growth to accelerate by at least 8% over the next few years.

IKEA had 2.3bn online visitors and 936mn visitors to physical stores in 2016.



Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga