Ikea invests 3 billion to construct 20 shopping centers | RetailDetail

Ikea invests 3 billion to construct 20 shopping centers

Ikea invests 3 billion to construct 20 shopping centers

Swedish furniture store chain Ikea has founded a new branch, Ikea Centers, which will invest three billion euro over the next few years to construct twenty shopping centers with an Ikea store as its main attraction.

Inter Ikea Center Group changes name

The branch's predecessor, Inter Ikea Center Group, used to manage 34 Ikea shopping centers (and three million sqm of retail space) across Europe, China and  Russia. The new real estate branch was launched after Ikea Group had bought Inter Ikea's 51 % share. Inter Ikea is the Dutch company which owns the Ikea brand.

 

"We want to build top-level shopping centers linked directly to an Ikea store", Ikea Centers' CEO John Tegnèr said when he revealed the 3 billion euro investment plan in business paper Dagens Industri. "Ikea's formula is unique and its capability to draw in huge crowds, combined with large, attractive shopping centers, works really well."

 

Inter Ikea Center Group has a yearly turnover of some 200 million euro, realized by renting out retail space in its 45 shopping centers and its rental return is "higher than the European average" according to John Tegnèr.

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