Ingka Centres, a division of the Ingka Group, which owns the IKEA brand, reports that its first American mall will be launched in San Francisco in 2021.
The complex, known as the 6X6 shopping center, has been added to the company's portfolio, which already includes 45 malls in 15 different countries. According to Ingka Centres Managing Director Gerard Grenier, the new facility will be an "excellent addition" to the existing ones.
The company plans to open the mall within a year. The company plans to spend $260 million to acquire and renovate an empty building located near the heart of the city. As a result, San Francisco will also have its first IKEA store, which will play an "integral role" in the development of the mall.
The future Ingka Centres Mall has reportedly been empty since it opened in the fall of 2016. Alexandria Real Estate Equities and TMG Partners, from whom Ingka purchased the 6X6, bought the 23,000 square meters building after its previous owner was still unable to fill the space. Attempts to convert part of the mall into office space then resulted in nothing.
Meanwhile, Ingka Centres is conducting further research into the North American market to see if there are any new shopping centers in the country. At the same time, a similar analysis is also being conducted in major cities in Europe, Asia, Russia, and Oceania. According to some data, in 2019, the company owned 4 million square meters of space, visited by about 480 million people annually.