Inter IKEA Centre Group lands in China

09 - 11 - 25  Press Release

Inter IKEA Centre Group, has announced during a press conference on November 24th, plans to invest up to 1.2 billion US dollars in China over the next five years. Part of the expansion plan will include the opening of IKEA's second store in 2014.

 
China is Inter IKEA Centre Group's first investment destination outside its home of Europe. On Tuesday, the shopping center developer unveiled two projects in Beijing and in Wuxi located in eastern Jiangsu Province, and said more are on the way. Each of these shopping centres will feature an IKEA store.

 

Although well-known in China, IKEA's pace of expansion has been relatively slow in the country. The Chinese market only accounted for about two percent of its global total in 2008. Now when Inter IKEA´s Centre Group move into the Chinese market, both are expected to see accelerated development in China.

 

The new shopping center in Beijing will be located in the southern Daxing District. Besides the main attraction of IKEA, it will also host another 450 brands. The shopping center is expected to help boost local economic development, employment and tax revenue. Daxing is one of the five districts in South Beijing.

 

And earlier this month, the municipal government initiated an "action plan", announcing 290 billion yuan would go towards helping boost this southern part of the city.

 

View announcement on CCTV International

 

(Source: CCTV International, 2009-11-25 11:15 BJT)