IKEA invests in Russia over $2 bln

In next 10 years, the Sweden-based IKEA Centers Group is planning to substantially expand further east in Russia
IKEA invests in Russia over $2 bln
22 June 11:41 2016 Print This Article

Russia’s largest shopping center operator – IKEA Centers Russia – intends to invest at least $2.1 bln to upgrade and expand its shopping centers in the country, reports The Wall Street Journal (WSJ) on Tuesday.

IKEA Centers Russia manages 14 MEGA shopping centers and the vacancy rate of its portfolio is now around 1.4%. In average, MEGA has 200 stores and bring in 275 million visitors a year. “More retailers want larger space to showcase their products,” WSJ cites the head of sales and commercial development at IKEA Centers Russia Olga Shevtsova.

According to WSJ, Sweden-based IKEA Centers Group is planning to substantially expand further east in Russia in the next 10 years. As for now, the company is focused on more modest expansion of its existing premises, in particular it plans to first develop two shopping centers in Moscow increasing the space for both properties by 15 to 20 percent.
IKEA Centers Group operates in Russia since 2000. Currently, the company’s portfolio includes 14 location across Russia.

Anastasiia Kochkurova

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