Ikea stands firm by goal: 100 % turnover growth by 2020

Slow economic growth is
cause

“Our goal has so far proved to be too aggressive”, Göran Grosskopf has
said to Swedish business paper Dagens Industri. Grosskopf represents Ingka Holding, Ikea’s
parent company. “Sales haven’t developed as fast as we thought.”Ikea
blames the slower turnover growth in its latest fiscal year on the slower
economic growth, mainly in South Europe. 

That does not mean that Ikea will let go of its ambition, even though
Grosskopf is taking into account that the
goal may only be reached in 2021. An Ikea representative has confirmed the
statement: “We continue to work according to our ambitious growth strategy”.

Grosskopf denies he wants
to slow down the plans after founder Ingvar Kamprad had critisized Ikea’s plans
to open 25 new stores per year.The
founder is currently 87 years old and while he has limited real power within Ikea,
his words still have some effect within Ikea’s management.

(Translated by Gary Peeters)