IKEA Malaysia plans to lower furniture product prices to help consumers cope with inflation and rising costs.
Ikano Retail CEO Christian Roejkjaer said the company understands the challenges consumers face due to inflation and increased daily expenses.
From a global perspective, the retail industry has had a difficult year, and we have felt it deeply. However, we will work together to turn these challenges into advantages, which is also in line with the cultural essence of Ikano and IKEA.
He stated in a press release that despite varying market performance, the company remains committed to lowering prices on essential and popular home furnishings, food, and services.
We’re passing on savings where we can because we know how tough it can be for households with thinner wallets.
Roejkjaer highlighted the current challenges in the retail sector, including inflation and increased consumer expenses, which have influenced this decision to cut prices. (Pix: LinkedIn)
IKEA’s Strategy to Combat Rising Costs
In the face of high inflation and rising living costs, the Swedish furniture brand supports consumers by investing in lower prices, helping Malaysians save on their purchases.
Ikano Retail owns and operates an omni-channel business in Malaysia, including four IKEA stores: Cheras IKEA, Damansara IKEA, Batu Kawan IKEA, and Tebrau IKEA.
As of August 31, 2024, Ikano Retail achieved sales of 5.18 billion ringgit in the 2024 fiscal year, an increase of 1.3% compared to the previous year, with Malaysia’s sales at 1.46 billion ringgit.
According to the statement, Singapore achieved sales of RM1.8 billion (up 0.6% year-on-year); Malaysia RM1.46 billion (down 4.2% year-on-year); Thailand RM1.35 billion (up 3.9% year-on-year); Philippines RM664 million (down 2% year-on-year); Mexico RM499 million (up 20.8% year-on-year).
