The new fiscal year, which began on 1 September, will focus on storage and organisation solutions, which IKEA considers one of the main frustrations of Portuguese families.

Quoted by Executive Digest, Erin Shi, Acting Country Retail Manager of IKEA Portugal, says that the brand knows that Portuguese families “are now making more difficult decisions about where and how to spend their money.” This is amid a rising cost of living and an increasingly complicated real estate market. In this context, IKEA intends to invest “€34 million in reducing prices on a wide range of products.”

New store in Portugal

IKEA has also reportedly announced plans to open a new store in Portugal during the current fiscal year. However, the company has not announced its location or opening date, saying it will provide more information soon.

The announcement follows the August opening of the IKEA store in Coimbra, the sixth in the country, which has already received 230,000 visits.