BIZ BUZZ: Ikea sales in PH jump
Demand for storage products, tableware as well as food helped propel the increase in the sales of Ikea in the Philippines by 28.3 percent during its fiscal year that ended last August.
Data from Ikano Retail, the Ikea franchisee that brings Swedish home furnishings to the Philippines, Singapore, Malaysia, Thailand and Mexico, showed that Philippines’ sales from Sept. 2022 to Aug. 2023 surged to P8.7 billion.
The Philippines hosts the world’s largest Ikea branch in Pasay City, an omnichannel business with e-commerce, Click & Collect pickup points, Ikea Food and a B2B arm, Ikea for Business.
By the end of the fiscal year 2023, there were 601,931 Ikea Family members in the country, together accounting for 53 percent of total sales in the Philippines.
Storage products dominated total sales rankings for all 13 of Ikano Retail’s Ikea stores, with Malm chest of four drawers, the iconic Billy bookcase and the Kleppstad wardrobe among the favorites.
Customers across Ikano Retail’s five markets were also refreshing their tableware, with more than 5.5 million plates, side plates and bowls sold from the Oftast collection.
Ikea Food likewise remained a hit among shoppers in Ikano Retail markets as the company recorded 14.5 million visits across all its Ikea restaurants, cafés, bistros and Swedish Food Markets, with visits up 13 percent and total sales up 11.7 percent from last year.
The Philippines had a healthy appetite and consumed 8.3 million meatballs, putting it in the middle of the five markets with Malaysia consuming the most at 30.1 million and Thailand the least at 2.2 million meat, plant, chicken and vegetable balls.
—Tina Arceo-Dumlao
Pushing for green skies
Cebu Pacific seeks to reduce carbon emissions with the signing of a five-year memorandum of understanding with sustainable aviation fuel (SAF) producer Neste to source the alternative jet fuel.
“Carbon emissions are a pressing concern in the aviation industry. To this end, Cebu Pacific has laid out initiatives to address our emissions footprint, with a primary focus on integrating SAF in its operations,” said Alex Reyes, the budget carrier’s chief strategy officer.
SAF reduces carbon emission of air travel by up to 80 percent compared to using conventional jet fuel.
“This will consequently minimize the environmental impact generated from our flights,” Reyes added.
The Gokongwei-led airline made this announcement after disclosing its plan to buy 100 to 150 aircraft in support of its growing operations. INQ
