IKEA franchisee in Southeast Asia and Mexico grows turnover 3.3% during tough year

e-commerce surges as people turn to IKEA


Ikano Retail, the IKEA franchisee that brings Swedish home furnishings to Thailand along with three other markets, posted THB 26 billion in turnover in its last financial year – up 3.3% in a year marred by COVID closures and turbulent times for the company’s shopping centre business.

“We lost 17% of our trading days, faced the worst supply challenges in our history and contended with limits on food operations and further restrictions,’’ said Ikano Retail CEO Christian Rojkjaer. “But, even amid COVID, we executed expansion plans, grew our e-commerce sales by 57% and safeguarded jobs. Most importantly, we continued to help our customers make life at home better.” 

With 11 IKEA stores and five IKEA-anchored shopping centres in its portfolio, Ikano Retail operates in Malaysia, Singapore, Thailand and Mexico. The company is one of 12 IKEA franchisees around the world and turnover from its IKEA stores contribute to the total result to be reported Thursday (13:00 CET) by the global IKEA franchisor, Inter IKEA Group.

Much of the growth comes from Singapore and Mexico, where the company opened new stores. In Singapore, Ikano opened IKEA Jurong – Southeast Asia’s first small-format IKEA store, selling the full range through digital solutions and multi-skilled co-workers. In Mexico City, Ikano opened the first IKEA in Latin America and clocked almost 15 million visits to its IKEA Oceania store and website combined. Ikano also entered the home renovation and design business, with new IKEA Planning Studios in Thailand and Singapore. Ikano also relaunched IKEA for Business in Southeast Asia to better serve small enterprises in setting up Swedish-inspired office solutions, shops and more.

During a second pandemic year, many people turned to IKEA to set up workspaces, playrooms and kitchens. The company’s IKEA stores sold more than 5 million bowls and plates from its OFTAST series – including 1.4 million in Thailand alone.

Ikano invested to defend its offer at Ikano Centres in Malaysia and Thailand, supporting our tenants through tough times and securing a healthy lease rate of 92% in a challenging retail landscape. “We made sure that our centres continue to be meeting places for the many, offering a safe and fun day out as our economies open up and learn to live with COVID,” said Mr. Rojkjaer.

Ikano Retail soon plans to open the largest IKEA store in the world in the Philippines, where it has recently started operating e-commerce, and has plans for expansion into Vietnam in the years ahead.


September 1 2020 – August 31 2021

113 million      

visits to IKEA websites in Ikano Retail markets – including 33 million in Thailand  


online orders placed in four markets, up 64.5% from the last financial year

THB 4.8b          

total e-commerce sales in Ikano Retail markets, including THB 1.9 billion in Thailand


solar panels on the rooftops of IKEA stores and Ikano Centres

2.9 million 

IKEA Family members in five markets (Philippines included); 739,000 in Thailand


co-workers across Ikano Retail – including more than 940 in Thailand


tenant units across five shopping centres in Malaysia and Thailand

2 million

number of meat, plant, chicken, vegetable and salmon balls sold in Thailand


avg no. of days stores were closed Thailand; 83 in Malaysia; 2 weeks at IKEA Jurong



FY21 Turnover

September 2020 –
August 2021


IKEA Bangna + Megabangna shopping Centre

IKEA Bang Yai

IKEA Phuket


THB 7.5 billion

-3.3% to last year


IKEA Tampines

IKEA Alexandra

IKEA Jurong, opened April 29, 2021


THB 8.3 billion

+21% to last year


IKEA Damansara + IPC shopping centre

IKEA Cheras + MyTOWN shopping centre

IKEA Tebrau + Toppen shopping centre

IKEA Batu Kawan + Batu Kawan Link


THB 9.1 billion

-13.9% to last year


IKEA Oceania, opened April 8, 2021


THB 1.1 billion


Total Ikano Retail

THB 26 billion

+3.3% to last year


Ikano’s IKEA sales contribute to the total result reported Thursday, 14 October at 13:00 CET by Inter-IKEA Group, the global IKEA franchisor. See the global newsroom here: https://about.ikea.com/newsroom