When IKEA was named as the 2012 World Retail Congress International Retailer of the year, it was clearly an indication that IKEA is the best of the best in the global retail industry. It might not be as clear, though, in what ways IKEA was judged to be the best that the world of retailing has to offer.
Looking at the judging criteria laid out by the World Retail Congress for choosing the 2012 International Retailer of the Year, it can be presumed that, more than any other largest retailers in the world, IKEA was judged to be exemplary at:
- International growth beyond its home country
- Successful adaptation of business model and processes to different cultures
- A successful formula for profitability and growth in multi markets
- A strong brand in its most important international markets
- Sales and margin growth in international markets
- Definite and clear strategy for present and future international retailing success
In looking at that criteria, it says a lot for IKEA that the World Retail Congress judged it to be superior in its global profitability, branding, and strategizing to some heavy hitters from the U.S. retail industry that are currently involved in aggressive international expansion.
Apple (AAPL) has been on an international retailing winning streak for some time, and it was also named as the #1 Most Valuable Retail Brand in the World in 2012. The future international expansion plans for Starbucks (SBUX) include several hundred new stores in Brazil, Argentina, and Mexico. And of course Wal-Mart (WMT) is the most profitable retail chain in the world, despite all that nasty bribery business in Mexico. That the international retailing activities of IKEA were judged to be more exemplary than any of these other global retailers, is truly impressive.
If IKEA is THE world leader in international retailing, then retailers big and small that have an eye on international retail expansion would be well advised to watch what IKEA is doing. So, what is IKEA up to currently? Click for the rest of this story >>