An important milestone in the expansion strategy of IKEA and the Fourlis Group is the opening of the sixth large store in Patras, in the Top Parks Shopping Park, on the Dymaion Coast.
The new IKEA marks, among other things, the new era of the Group after the crisis of 2010 and the post-covid era, continuing the development cycle of the large stores of 7,000 sq.m. with a new point of reference in Patras in Western Greece, after IKEA in Thessaloniki, the Airport, Kifissos, Thessaly and Ioannina. Heraklion in Crete is expected to follow in 2025 and Elliniko in Attica in 2027.
Smaller stores
Moreover, another 10 new smaller IKEA stores of 2,500 sq.m. are about to open in cities of the Greek region, starting in the first quarter of 2025. The goal is to create IKEA stores that will meet the needs of the average consumer, by providing free parking and affordable additional services to improve the living standards of the residents in the local areas.
The new IKEA will employ 100 workers, while the new Top Parks commercial park will host other commercial chains employing a total of 500 people. In summary, the Group aims at an optimized store network, expansion with new stores, emphasis on the omnichannel approach, and a price reduction strategy.
As Vassilis Fourlis, President of the Group, emphasized during the opening of the store in Patras “we are particularly happy to be in the largest city of the Peloponnese today. We are opening another large IKEA store. We aspire to meet the needs not only of Patras but also of the entire NW Peloponnese. Our new store is part of a dynamic investment, the Top Parks shopping center, which offers 500 new jobs in the area. The relationship we have built with the residents over the 11 years we have been active in Patras is strong. We repay the trust they show us, with a modern store, with easy access, for comfortable purchases of quality products. We remain consistent in our vision to improve the lives of many and provide inspiration for the home and workplace.”
Profit margins
As the management emphasized, the Group’s competitive advantage in its supply chain has led to a significant improvement in the gross profit margin, which, combined with a focus on cost optimization and prudent control of operating expenses, has led to a significant improvement in profitability. Regarding the first nine months of 2024, figures have improved, especially in the third quarter compared to the first half, despite the pressure on consumption. The Group aims for a strong growth and the capital expenditure for 2024 is estimated at 25-30 million euros.
