Ikea UK has revealed a slump in sales for the past year as under-pressure shoppers held off buying bigger-ticket items. The company revealed that retail sales dropped by 6.8% to £2.3 billion for the year to August, compared with the previous financial year. Ikea linked the drop to a “strategic decision to prioritise affordability” as it invested more than £117 million into lowering prices over the year. Ikea UK said it is also continuing to make progress on its expansion programme, with two new city centre stores: on Oxford Street in London, and in central Brighton, set to open next year. Mr Jelkeby added: “We continue to dedicate our energy to our UK expansion plans and investing heavily to become more accessible.

Source: Express October 10, 2024 11:11 UTC