The new five-story IKEA store is located in Pasay, an urbanized suburb of Manila.
IKEA officially opened its first retail store in the Philippines, making it the largest in the Swedish giant's global portfolio. The total area of the store is about 65,000 square meters. The five-story IKEA is located in Pasay City, a highly urbanized suburb of Manila.
"The size is due mainly to logistical needs. We promise our customers instant shopping satisfaction, so almost everything you see in the store you can take home the same day," commented IKEA Philippines store manager Georg Platzer.
The project was first announced in 2018, and the giant furniture center was supposed to open in the island nation back in early 2020. Unfortunately, a volcanic eruption followed by a pandemic intervened. Despite supply problems and current restrictions, IKEA completed construction and opened its largest store to date.
"The opening is fitting for a country with high growth rates and a burgeoning middle class of young professionals eager to spend money on stylish furniture in homes recently purchased during the real estate boom," Bloomberg wrote.
The Philippines has become one of the hardest hit by the crisis in the region. While the country's economy has grown at an average rate of 6 percent over the past decade, the second quarter of 2020 alone saw a drop of about 17 percent, and the unemployment rate reached 10 percent in the summer of 2020 and remains at 8.9 percent today.
The new store's sales floor features local elements so that local shoppers can get a feel for everyday items by imagining IKEA items in their homes. The store will accept customers from 10 a.m. to 10 p.m., although the company noted that opening hours might be adjusted depending on government restrictions related to the pandemic.