Ikea expanding in China

October 25, 2010  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on October 26, 2010

Home furnishings retail giant Ikea will more than double its number of furniture stores in China by 2015, the Boston Globe reported Sunday.

Ikea currently has eight stores in China, but will add $300 million to a partially company-owned mall developer's $1.2 billion investment to increase that total to 18. Ikea also has three stores in Hong Kong.

Euromonitor estimates that China's market for home furnishings will grow to $28 billion this year. Euromonitor also says Ikea has around 7 percent of that market.