Ikea set for $1 billion

 

IkeaSwedish retail king, Ikea, is hitting $700 million in annual sales in the Australian market.

Its five local stores, all along the eastern seaboard, racked up almost $700 million in sales for the year to August 31, 2012.

This is an increase of around $170 million in just 12 months, with Ikea now on a trajectory for $1 billion annually.

Ikea first entered Australia almost 30 years ago but has only been majorly focusing on the market  since 2011.

In 2011, it opened a 39,000sqm flagship in Sydney’s inner western suburb, Tempe, and begun lowering its local prices.

According to documents lodged with ASIC, Ikea Australia increased its annual profits from $2.771 to $13.53 million between 2011 and 2012.

Ikea is now pushing e-commerce in Australia and has its sights set on doubling store numbers in Sydney, Melbourne, and Brisbane.

It is said to be looking for sites in Canberra and the NSW central coast.

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