IKEA offers to buy back furniture for resale

Company says 'Buy Back' initiative is part of aim to become 'climate positive' by 2030

(Reuters) - People tired of their flat pack IKEA dressers, drawers, cabinets and tables will now be able to sell them back to the furniture retailer for resale in its stores as secondhand.

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The world's biggest furniture group, said on Tuesday the "Buy Back" initiative was part of its aim to become "a fully circular and climate positive business by 2030."

Under the scheme customers will get vouchers to spend at IKEA stores, the value of which depends on the condition of the furniture they are selling back.

The initiative will be promoted in a campaign running from Nov. 24 through to Dec. 3, though the offer will continue after that date.

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Customers with "as new" items, with no scratches, will get 50% of the original price, "very good" items, with minor scratches, will get 40% and "well used," with several scratches, will get 30%.

Ikea will open a record number of stores, over 50, in its current fiscal year, the new chief executive said Tuesday. (iStock)

One possible catch for customers from the scheme is that products must be returned "fully assembled."

IKEA said vouchers will have no expiry date to encourage customers to purchase items only when they are needed.

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"By making sustainable living more simple and accessible, IKEA hopes that the initiative will help its customers take a stand against excessive consumption this Black Friday and in the years to come," it said in reference to Nov. 27, when lots of retailers offer big discounts on their products.

IKEA said that anything that cannot be resold will be recycled or donated to charity.

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By 2021, IKEA plans to have dedicated areas in every store where people can sell back their old furniture and find repaired or refurbished furniture.

Last week, IKEA said it sees sales returning to growth this year after the coronavirus crisis boosted shoppers' interest in spending more on their homes, a trend it believes is here to stay.

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(Reporting by James Davey; Editing by Jane Merriman and Keith Weir)