Ikea targets South America
Ikea plans to expand to about a dozen new markets in the coming years, including branching into South America, as it aims to reach a total of three billion potential customers by 2025.
The the Swedish furniture giant will in the future open stores in Chile, Colombia and Peru through a new Ikea franchisee called Falabella as part of its first foray into South America, Inter Ikea said.
The new expansion plans were laid out as Inter Ikea, which owns the Ikea concept and is the worldwide franchisor, reported a 4.5pc increase in retail sales in the 12 months through August, at the franchisees that operate its more than 400 stores across the world.
Total retail sales rose to €38.8bn, from €38.3bn a year earlier.