Ikea sees upside from cocooning Canadians as sales growth surges past rivals

, Canada

Stefan Sjöstrand, who took the top job at Ikea Canada in 2014, is credited with revitalizing the retailer’s culture in this country.

TORONTO — You’d think home improvement projects would sit on consumers’ back burners when the economy is weak, but the industry has been thriving thanks to cocooning Canadians, and Ikea is one of the trend’s biggest beneficiaries.

“Canadians are not travelling like they have done in the past,” Stefan Sjöstrand, president of Ikea Canada, said in an interview at the company’s vast store in west Toronto.

“When the dollar is weak, they stay home, and when they stay home they invest in their homes and spend more on home furnishings and (do-it-yourself projects). When you lead with the lowest price, it’s a very strong position given the market situation we are in right now. Canadians like value for money. We are in a very good position.”

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