IKEA, the worlds famous Swedish furniture and manufacturing company announced the opening of the first store in the Philippines by 2021. The Philippines will finally have its very own IKEA with 700,000 square feet, it could be the largest store branch worldwide.
This is equivalent to more than 150 basketball courts, Bloomberg cited IKEA's Southeast Asia managing director Christian Rojkjaer as saying.
The store will be located at the SM MAll of Asia in Manila Bay and it will be built in partnership with the country's largest property developer SM Prime Holdings.
IKEA will spend an initial US$134 million to build, stock and staff the store. The store could carry 9,000 products and would employ 500 worker, Bloomberg reported. More than 8,000 products are expected to be displayed at the store, according to its official website.
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| Photo source: Argel Tamargo / FB |
The second store, still in development, will be at SM Fairview to serve consumers in Quezon City and those coming from the North.
"Philippine is a very young country, I think the fact that the average age is 24 years makes us believe in our glorious future here," said Georg Platzer in ABS-CBN news.
The world's largest home furnishing retailer with more than 400 stores in 50 countries, now set to make a new home in the Philippines.
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