The pandemic has shuttered many businesses in Singapore. Just ask the entertainment, hospitality and aviation industries. Yesterday, an article on Yahoo! News spoke of how some DJs in Singapore went from five figure incomes to literally zilch. But Swedish furniture group IKEA is seemingly pandemic-proof.
Instead of cutting costs, they are expanding by opening a new megastore in Jurong. The new store will have three storeys and IKEA is looking to hire 200 people to help run it. The megastore will open its doors in 2021. Finally, people in the west in Singapore will have easy to access to Swedish meatballs and easy-to-assemble furniture.
Happily, nobody in IKEA Singapore lost their jobs due to the pandemic.
IKEA currently has 445 stores worldwide and the number is set to increase – the company plans to open 50 new stores worldwide.
Perhaps IKEA is so good at weathering this storm because they had a bumper of year just before 2020 began. Indeed, they reported a record of above 44 billion euros in 2019. The Swedish giant is also benefitting from their huge investments in 2017 and 2018 towards online and delivery services. Part of this investment went towards developing an IKEA app, which has been trialed in France and the Netherlands. The app is set to be available worldwide in the near future.
During the circuit breaker, Singaporeans went online to place more than 525, 000 online orders. IKEA revealed that in 2020, Singaporeans placed so many orders that web sales more than doubled compared to that of the year prior. An impressive feat.
Do you enjoy browsing all the make-believe rooms in IKEA? What do you enjoy most about browsing their store?