IKEA pledges to cut prices

IKEA has promised to cut prices in a number of countries, including Canada, where it has 16 stores and a growing number of Planning & Design Studios. The idea is fundamental to mass-market retailing: lower the prices, increase volumes.

IKEA says it has lowered costs—and also is seeing decreased raw material prices—enabling the price cuts. IKEA has said that its goal is to lower prices to “inflation-adjusted” pre-pandemic levels by the end of next year. IKEA says it plans to cut prices in Canada on more than 1,500 products. The retailer has already announced lower prices in Germany as well as Sweden and the UK.