IKEA to build a store in Latvia

Baltic News Network - - News - Read more on bnn-news.com

SEB Bank and Verus Praedium, which de­vel­ops IKEA brand of fur­ni­ture and house­hold goods in Latvia, have signed an agree­ment on a long-term loan of EUR 35.4 mil­lion for the con­struc­tion of an IKEA store.

«This will al­low the com­pany to com­mence the con­struc­tion of IKEA store in Stopini this sum­mer. The store’s to­tal area will be EUR 34,000. The new busi­ness will open its doors in au­tumn 2018 and pro­vide 300 new jobs,» ex­plains SEB Bank’s ex­ter­nal com­mu­ni­ca­tions man­ager Martins Panke.

Sig­ur­dur Pal­ma­son, a rep­re­sen­ta­tive of Verus Praedium, com­ments that the open­ing of an IKEA store in a new coun­try is a long process. Its goal is to re­al­ize the brand’s prom­ise – make every­day lives bet­ter for peo­ple. «We are happy that we can do it to­gether with SEB Bank – a Lat­vian com­pany with Swedish roots and tra­di­tions,» he said.

The first IKEA store in Baltic States – Lithua­nia – was opened in 2013. The new store in Pieriga will three-times ex­ceed the one in Vil­nius area-wise. It will also of­fer a greater range of prod­ucts. If need be, the store’s area will be ex­panded by 6,000 m2.

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