IKEA: Playin' with my friends
Agency: Mother London
Country: United Kingdom
Background to our story
IKEA bound onto British shores 25 years ago with great fanfare. Encouraging stuck-in-their-old ways Brits to chuck out their chintz, IKEA rose to leaders of a category buoyed by a thriving property market and new-found cultural love of home improvement. 25 years on, the property market had stagnated and, in turn, the much less buoyant home furnishings category had become much more competitive.
A fragmented market in long-term decline
By 2012, the UK home furnishing market was in long-term decline. In the five years up to 2012, almost £3bn had been wiped from its value.1 The future wasn't looking much better; in September 2012, Verdict predicted no return to volume growth in home until 2014.2