IKEA Korea, the local unit of Swedish furniture giant IKEA, said on Wednesday that sales topped 500 billion won ($416 million) in the 2019 fiscal year that ended in August, emboldening its plan to open two locations over the year and expand its presence in Asia’s fourth largest economy.

Fredrik Johansson, new country retail manager of IKEA Korea, said on Wednesday that the Korean operation is estimated to raise 503.2 billion won in sales in the 2019 fiscal year from September 2018 to August 2019, up about 5 percent from 471.6 billion won sales in the previous year.

The figures – although tentative before the end of August – were presented at a new brand strategy event for 2020 at its pop-up store in Gangnam, southern Seoul.

Johansson said that 8.5 million people visited the two offline stores managed by IKEA Korea during the 2019 fiscal year and an additional 38.5 million people its online website. About 2 million are IKEA Family members in Korea, he said, noting that he is very proud of the numbers that have been achieved and that it has stepped up to become a brand providing a better living in Korea.

Currently, 1,730 employees work for IKEA Korea, of which 58.9 percent are female and 41.1 percent male. Manager-level positions are also at similar gender level – 47.8 percent female and 52.2 percent male.

With sales topping 500 billion won in Korea, IKEA Korea announced plans to penetrate deeper into the country’s retail industry by opening its third store in Giheung, Gyeonggi Province, on December 12, and its fourth in Dong Busan in Busan, the second-most populous city after Seoul, in the first quarter of next year. The furniture giant said once opened, each of the third and fourth stores will create about 500 new jobs.

IKEA Korea, meanwhile, is also currently carrying out market research on opening urban stores with an aim to open at least one store in downtown Seoul in the fiscal year of 2020.

By Lee Han-na and Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]