Swedish furniture group Ikea is looking to expand its US business in a big way. Netherlands-based Inga Holding, which operates most of Ikea’s stores, announced on Thursday that it would invest 2 billion euros abroad. Accordingly, eight new Ikea supermarkets and nine smaller branches are to be built in the United States.
“This is the biggest investment we have ever made in one country,” Tolga Öncü, Inga’s sales manager for Ikea, told AFP news agency. The group sees “endless possibilities” in America. New locations in San Francisco and Arlington, Virginia are scheduled to open this summer.
The furniture store chain has continued to make strides with its global expansion in recent years. By 2022, the number of Ikea supermarkets will increase to 474 worldwide. While other companies rely more and more on online commerce, Ikea wants to stick to its business model. “The Ikea department store was and is a very important part of Ikea’s future,” said Öncü.
Ikea is also expanding its business in Europe, for example in Spain with 150 million euros planned. Last year, the group posted huge losses due to its withdrawal from Russia due to the attack on Ukraine. According to Öncü, 2023 got off to a good start. There are no figures yet, but trends point to a financial year “above our expectations”, particularly in Europe.
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