IKEA's malls arm says expansion plans intact as customers return post-lockdown

IKEA's shopping malls business, one of the world's biggest, said its expansion plans remained on track with visitors quickly returning to its premises after the lifting of coronavirus-related lockdowns which had forced stores to close.

Ingka Centres, which has 45 malls anchored by IKEA stores across Europe, Russia and China and plans to enter the United States in 2021, said footfall in the 12 months through August had fallen by almost a quarter and tenant sales had dropped 16per cent to 5.4 billion euros ."Our results this year represent a robust performance under the circumstances we have witnessed," Managing Director Gerard Groener told Reuters.

He said after COVID-19 restrictions were lifted in the spring, visitors quickly returned to the company's malls, which it refers to as meeting places. Many retail chains are looking to reduce their overall net store count as their customers increasingly shop online.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

France must accept new national lockdown, says hospital professorPARIS: Professor Philippe Juvin, a leading member of Paris' Georges-Pompidou hospital, told RTL radio on Wednesday (Oct 28) that France had to ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Taiwan says new arms purchases to boost credible defenceTaiwan says new arms purchases to boost credible defense
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Fiat Chrysler returns to profit in third-quarter as North America posts record resultsFiat Chrysler turned back to an operating profit in the third quarter as the auto industry rebounded worldwide and especially in the U.S., after ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Merkel seeks limited lockdown as German COVID-19 cases surgeMerkel seeks limited lockdown as German virus cases surge
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Merkel eyes 'lockdown light' to tame coronavirusChancellor Angela Merkel is expected to push for a 'lockdown light' in crisis talks with Germany's regional leaders Wednesday, as the number of ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Australia cheers end of Melbourne lockdown but virus ravages Europe, USChampagne corks popped in Australia's second-biggest city as a months-long coronavirus lockdown ended on Wednesday, contrasting with deepening gloom in Europe where France and Germany were set to reintroduce curbs.
Source: YahooSG - 🏆 3. / 71 Read more »