IKEA secures 5% of furniture market in one year

The Swedish retailer’s local branch posted €99.4 million in business for the September 2007 - August 2008 fiscal year, of which €60 million was furniture sales and the remainder sales of decorations.

For the coming fiscal year, the company is targeting €110 million in turnover.

The local furniture market, including production, amounted to €1.2 billion in 2007, according to Romania’s Association of Furniture Producers, and is expected to increase by 10 percent this year, up to €1.3 billion. Thus, IKEA’s €60 million in furniture sales secured it a 5 percent slice of the market.

According to estimates by Dan Sucu, owner of Mobexpert furniture producer and retailer, and one of IKEA’s main competitors, the furniture retail market is worth €700,000.