Ikea Malaysia anticipates single-digit growth in FY2023

KUALA LUMPUR - Home furnishings retailer, IKEA Malaysia, anticipated a positive financial performance with a single-digit growth in the financial year 2023 after an extraordinary success in which the company achieved a 35 per cent increase in revenue to RM1.54 billion in the fiscal year 2022.

Country retail manager Malcolm Pruys said this year and next year, the company wanted to focus on the station stores at Ikea Batu Kawan in Penang and Tebrau in Johor, which are connected to the top shopping centre.

"We see that this station store (Batu Kawan) has great potential for business growth because its location is under huge development now, so we will make the store in this location the biggest focus for customers who live in the north of Malaysia,” he told reporters in a briefing on the company’s 2023 growth plan.

Meanwhile, he said in line with IKEA’s 20th anniversary this year, the company planned to make the brand more accessible using digital tools such as modernising the IKEA website to enhance the payment options.

He said IKEA also planned to improve and innovate its hospitality industry towards a healthier diet with the launching of plant-based menu this year.

On the long-term plan, he said the company would open more stores if it found a strategic location.

"We are planning to increase the IKEA collection point nationwide in the next few years and in March, we will open a collection point in Malacca,” he added. - BERNAMA