IKEA store owner Ingka Group, the world's biggest furniture retailer, aims to start reopening shops in Europe in May after closures and sliding demand due to the COVID-19 pandemic slashed group sales by 60%, its chief executive said.
STOCKHOLM - IKEA store owner Ingka Group, the world’s biggest furniture retailer, aims to start reopening shops in Europe in May after closures and sliding demand due to the COVID-19 pandemic slashed group sales by 60%, its chief executive said.
Ingka CEO Jesper Brodin estimates that the closure period for each store will be up to eight weeks. “This is the period we need to persevere and, so to speak, survive,” he said. “The sales drop in the period we’re in is about 60%.” Ingka plans to increase stocks of its baby-related products, expecting a boom in demand in seven to eight months. “Crises back in time have resulted in baby booms,” Brodin said.
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