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IKEA has been investing in Portugal and now the numbers have reached €65 million. The said amount is the total funding that the Swedish furniture retailer has already given out as of August this year.
Tolga Öncü, Ingka Group’s retail operation manager, confirmed that their IKEA subsidiary has already spent €65 million on its business in Portugal. He also announced some good news and revealed the company is planning to invest more and put in another €60 million before the year ends.
Supporting the Brand’s Impressive Growth in Portugal
As per The Portugal News, the head of IKEA in the region said the company’s business growth recorded more than 11%. This percentage is said to be “almost double the world average.”
They noted that the growth simply indicated that the entire home furniture industry in the country has become larger than before. Moreover, in an interview with local media, Öncü said they are investing at a time when IKEA is planning to expand its business further in Portugal by opening more ordering and collection facilities.
“This year was fantastic for IKEA and Portugal,” the Ingka Group, IKEA’s parent company, retail operations manager said. “In Portugal, the team achieved growth of over 11%, which is almost double the world average and there are several reasons why Portugal stands out. Many of the best examples worldwide are being developed in Portugal and then we are copying them throughout the world.”
Future Plans for Expansion
IKEA has a lot of plans to increase its presence and sales even more. One of the schemes is to redesign its Loures store outlet located in Lisbon district, the capital of Portugal. It will also invest in parcel business that will cater nationwide but will not be setting up new fulfillment centers, Portugal Post reported.
“Instead of building a new warehouse in Portugal, we can use one of our large stores and transform it,” Öncü explained. “This is one of our most interesting projects in Portugal for the group.”
Photo by: Jueun Song/Unsplash
