Slovak furniture retailers reported a total of €803m in revenues last year, up 14 percent y-o-y. The results were €80m more than the record posted in the 2007 and €280m more than in 2009. The sector, however, is still recovering from losses posted in 2014 due in part to the massive investment Ikea Industry made into its furniture production units in Slovakia. The furniture retailers managed to reduce their loss to €17m by the end of 2015, down by €32m. Ikea accounts for one-quarter of Slovakia’s total furniture production. The company had been considering relocating its plants to other countries, stating that its Slovak operations were uncompetitive. In 2015, Ikea started modernizing two of its plants in Malacky, which increased its revenue by €45m to €212m. Ikea plants in Trnava and Závažna Poruba are also set to be modernized.
