Latest news with #TolgaÖncü
Yahoo
16 hours ago
- Business
- Yahoo
IKEA Canada temporarily cuts food prices to help with the rising cost of living
Canadians craving those famous Swedish meatballs from Inter IKEA Systems BV are in for a pleasant surprise as the retailer is temporarily slashing food prices to help with the rising cost of living. IKEA recently announced it's cutting its weekday restaurant prices in half for some dishes until the end of August, while children eat free on Wednesdays. Customers must have an IKEA Family Card to get the discounts. The move is meant 'to help people stretch their budgets, nourish their families, and find a little more joy,' the retailer said. 'Securing the lowest possible price for our products is always our utmost goal, and this is even more important in today's times of economic uncertainties and cost-of-living pressures,' Tolga Öncü, Ingka retail manager at IKEA Retail, said in a news release. The company says a family of four in France will now pay 6.96 euros ($11.12 CAD) for a meal and a 5 euro store voucher, compared to the previous price of 19.9 euros ($31.63 CAD). Food inflation has been a persistent issue in Canada, having climbed a whopping 31 per cent since 2019, according to NerdWallet Canada. Prices for food purchased in stores climbed 2.8 per cent year-over-year in June, according to Statistics Canada, outpacing overall inflation for the month. IKEA stores in Canada, Austria, China, Denmark, France, Germany, Italy, Netherlands, Poland, Portugal, South Korea, Sweden, Switzerland, and the United Kingdom are included in the promotion. • Email: bcousins@ Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
IKEA Canada temporarily cuts food prices to help with the rising cost of living
Canadians craving those famous Swedish meatballs from Inter IKEA Systems BV are in for a pleasant surprise as the retailer is temporarily slashing food prices to help with the rising cost of living. IKEA recently announced it's cutting its weekday restaurant prices in half for some dishes until the end of August, while children eat free on Wednesdays. Customers must have an IKEA Family Card to get the discounts. The move is meant 'to help people stretch their budgets, nourish their families, and find a little more joy,' the retailer said. 'Securing the lowest possible price for our products is always our utmost goal, and this is even more important in today's times of economic uncertainties and cost-of-living pressures,' Tolga Öncü, Ingka retail manager at IKEA Retail, said in a news release. The company says a family of four in France will now pay 6.96 euros ($11.12 CAD) for a meal and a 5 euro store voucher, compared to the previous price of 19.9 euros ($31.63 CAD). Food inflation has been a persistent issue in Canada, having climbed a whopping 31 per cent since 2019, according to NerdWallet Canada. Prices for food purchased in stores climbed 2.8 per cent year-over-year in June, according to Statistics Canada, outpacing overall inflation for the month. IKEA stores in Canada, Austria, China, Denmark, France, Germany, Italy, Netherlands, Poland, Portugal, South Korea, Sweden, Switzerland, and the United Kingdom are included in the promotion. • Email: bcousins@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Calgary Herald
a day ago
- Business
- Calgary Herald
IKEA Canada cuts restaurant prices in half to help with the rising cost of living
Canadians craving those famous Swedish meatballs from Inter IKEA Systems BV are in for a pleasant surprise as the retailer is slashing food prices to help with the rising cost of living. Article content IKEA announced on Tuesday it's cutting its restaurant prices in half for adults and children eat free from Monday to Friday. Article content The move is meant 'to help people stretch their budgets, nourish their families, and find a little more joy,' the retailer said. Article content Article content 'Securing the lowest possible price for our products is always our utmost goal, and this is even more important in today's times of economic uncertainties and cost-of-living pressures,' Tolga Öncü, Ingka retail manager at IKEA Retail, said in a news release. Article content Article content The company says a family of four in France will now pay 6.96 euros ($11.12 CAD) for a meal and a 5 euro store voucher, compared to the previous price of 19.9 euros ($31.63 CAD). Article content Food inflation has been a persistent issue in Canada, having climbed a whopping 31 per cent since 2019, according to NerdWallet Canada. Article content
Yahoo
a day ago
- Business
- Yahoo
IKEA Canada cuts restaurant prices in half to help with the rising cost of living
Canadians craving those famous Swedish meatballs from Inter IKEA Systems BV are in for a pleasant surprise as the retailer is slashing food prices to help with the rising cost of living. IKEA announced on Tuesday it's cutting its restaurant prices in half for adults and children eat free from Monday to Friday. The move is meant 'to help people stretch their budgets, nourish their families, and find a little more joy,' the retailer said. 'Securing the lowest possible price for our products is always our utmost goal, and this is even more important in today's times of economic uncertainties and cost-of-living pressures,' Tolga Öncü, Ingka retail manager at IKEA Retail, said in a news release. The company says a family of four in France will now pay 6.96 euros ($11.12 CAD) for a meal and a 5 euro store voucher, compared to the previous price of 19.9 euros ($31.63 CAD). Food inflation has been a persistent issue in Canada, having climbed a whopping 31 per cent since 2019, according to NerdWallet Canada. Prices for food purchased in stores climbed 2.8 per cent year-over-year in June, according to Statistics Canada, outpacing overall inflation for the month. 'We are not seeing inflation in our business,' Empire CEO says Competition Bureau sues DoorDash over alleged misleading prices IKEA stores in Canada, Austria, China, Denmark, France, Germany, Italy, Netherlands, Poland, Portugal, South Korea, Sweden, Switzerland, and the United Kingdom are included in the promotion. • Email: bcousins@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
03-07-2025
- Business
- Miami Herald
IKEA makes major price cut that will delight customers
Food is expensive. And essential. There's nothing you can do about it. It's not like just another fashion handbag you can skip buying, comforting yourself that it's not that chic, and that your old one is good enough. We all have to eat, and the more careful we are about what we eat, the better we'll preserve our health. Don't miss the move: Subscribe to TheStreet's free daily newsletter Not everyone can afford nutritious meals these days, especially with the threat of new tariffs. Food prices grew quicker than overall inflation, writes the United States Department of Agriculture. More specifically, the consumer price index (CPI), a measure of economy-wide inflation, for all food grew 0.2% from April 2025 to May 2025 and was 2.4% higher than in May 2024. Related: Costco brings back controversial perk, dividing loyal shoppers Eating at a restaurant was 3.8% more expensive in May this year, compared to the same month of 2024. Even home-prepared meals got notably more costly, which is not something that can be easily ignored. Many retail grocery giants and supermarket chains have already raised prices or plan to, due to higher duty costs of imports. In these expensive times, some retailers are doing the best they can to maintain affordable prices for their customers. One of them is a Swedish giant that has recently announced a generous discount for cost-conscious customers. IKEA recently confirmed it will slash prices by up to half at many of its restaurants globally. The temporary price cuts aim to help consumers at a time of high living costs and economic turbulence. "Consumer confidence has decreased. People are holding on to the money that they have in their pockets or in savings," IKEA Retail COO Tolga Öncü told CNBC. Related: IKEA's new store concept makes its way to this state While the starting date of the price cuts and the participating restaurant locations are not yet confirmed, the furniture behemoth announced an even more generous offer - free meals for children. "Food has always been very important for IKEA, and we wanted to enable even more people to enjoy our restaurant offer while exploring our home furnishing range. Securing the lowest possible price for our products is always our utmost goal, and this is even more important in today's times of economic uncertainties and cost-of-living pressures," Öncü stated. What's more, last year, IKEA lowered wholesale prices by around 15%, enabling retailers to lower their price tags for consumers. These efforts cost the company about $2.1 billion euros ($2.47 billion) last year. More Retail: Huge retail chain suddenly closing hundreds of storesMajor retailer scores huge benefit from Joann bankruptcyHome Depot, Target, Ulta and more strike back at retail crime IKEA is also feeling the impact of higher tariffs, which are expected to increase inflation rates, but Öncü adds the company has managed to "somewhat absorb the impact and not pass on the total impact to customers in the U.S." IKEA said it is planning to open 58 new stores around the globe during the fiscal year 2025 ending in August. Over the last couple of years, the giant has expanded across several states, currently operating around 50 retail locations across the country, and more than 375 IKEA stores in 30 countries around the globe. Related: Iconic mall anchor retail chain closing more stores Just recently, IKEA opened a Plan and Order point store in Oregon. This is a rather new concept that includes smaller stores where customers can get home furnishing advice from professionals. At Plan and Order point stores, as the name suggests, there are no products to buy in-store and take home on the same day, but purchases can be made there and home delivered, or collected from pick-up points. Two years ago, IKEA announced it would invest $2.2 billion to expand across the U.S. over the next three years, making this the biggest investment in almost 40 years since IKEA's first store opened in Plymouth Meeting, Pennsylvania, writes TheStreet's Fernanda Tronco. It has already opened five locations in 2025 and plans another six by the end of the year, plus two more for 2026. Related: Iconic fast-food chain begins an unlikely comeback The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
