IKEA retailer Ingka Group plans to set up new stores and expand current ones with an investment of € 3 billion ($3.2 billion) through 2023. As per an Indian Retail report, the company aims to modify its out-of-town outlets to double up as e-commerce distribution centers.
The company will spend a third of the investment on its operations in London. Most of the capital will spent on its existing stores in the city, as per TolgaOncu, Retail Manager, Ingka Group
In the past few years, Ingka has adapted to the rise in online shopping by developing smaller stores, revamping its website, and rolling out a new app as well as digital services such as remote planning tools.
During the pandemic, IKEA has seen record demand for its cut-price home furnishings as people spent more time at home.
Over the past three fiscal years, Ingka has invested around 2.1 billion euros in new and existing stores in its 32 markets.
The latest spending will also focus on new traditional "blue-box stores" in Romania, China, and India, and new city stores, as well as planning studios, in Canada, Denmark, Italy, India, the United States, and other countries.