The grand-scale store of the Swedish furniture giant released as tenant of Mall of Asia in Manila.
Swedish IKEA continues its international expansion and is preparing to launch the largest store in its history in Asia. As reported by Bloomberg, IKEA will build a hypermarket selling furniture and household goods with an area of about 65 thousand square meters in the capital of the Philippines, Manila. Its opening is scheduled for 2020.
The grand-scale store of the Swedish furniture giant will release the tenant of one of the Malls of Asia Malls of SM Prime Holdings corporation. The new store in its area will correspond to approximately 150 basketball courts. The standard IKEA store is usually located in an area of about 35 thousand square meters.
The total investment in construction, equipment and the opening of the store, which will represent about 9 thousand products, amounted to 134 million dollars, calculated in IKEA. The hypermarket in Manila will be a two-tier retail space combined with a warehouse, call center, and e-commerce services. The potential audience of the new IKEA store will be more than 5 million households within a 60-minute transport access radius. Thanks to the opening of the hypermarket, about 500 new jobs will be created.
IKEA continues to rapidly strengthen its position in the Asian markets. In August 2018, the first of 25 planned stores opened in India. Last week it became known that in 2020, the retailer will present the first store in the city-concept in Tokyo, within one of the most popular metro stations.
The fast-growing retail market of the Philippines with a population of over 105 million inhabitants is one of the most promising for the development of global brands. According to analysts, by 2030 a growing middle class in the country will surpass Italy in terms of consumer spending.