Lifestyle

SM Prime to Build First IKEA Store in PH in Mall of Asia, Says Bloomberg

Swedish furniture retailer may also launch online store in the country
Comments

SM Prime Holdings is building the country’s first branch of Swedish furniture store chain IKEA, Bloomberg reported on Friday, April 6.

In a news story posted on Friday, Bloomberg said the country’s largest property developer will lease out property long-term to the Swedish brand within the Mall of Asia complex in Pasay City. Bloomberg did not say when the construction would start.

“While we don’t have exclusivity, there are talks to have similar arrangements in other parts of the Philippines. Ikea is a unique retailer and it’s the kind of global brand we want to locate in our properties,” SM Prime Holdings Vice President for Investor Relations Alex Pomento was quoted saying.

SM Prime Holdings is the real estate arm of the SM Group, which is owned by the country’s richest man, Henry Sy. 

SM Prime Holdings will most likely be doing business with Singapore-based holding company Ikano Pte. Ltd., the official franchise rights holder of IKEA System BV. It has already set up IKEA branches in Singapore, Malaysia and Thailand.

ADVERTISEMENT - CONTINUE READING BELOW

The company has been doing business in Singapore since 1978 while it built its first branch in Malaysia in 1996. The IKEA store in Bangkok only opened in 2011.

In November 2017, IKEA Singapore also launched its e-commerce platform, delivering items bought online for the first time to customers’ homes. According to a story by Mashable on the same month, IKEA will also most likely inaugurate its Philippine e-commerce service on the same day it opens its first branch in the country.

All this is part of IKEA’s five-year expansion plan in the region and South America, according to a report by The Jakarta Post

As of end-2017, the Swedish giant has 400 stores in 49 markets across Europe, North America, Australia and East Asia.

This story originally appeared on Entrepreneur.com.ph.

* Minor edits have been made by the Esquiremag.ph editors.

Comments
View More Articles About:
About The Author
Elyssa Christine Lopez for Entrepreneur.com.ph
Elyssa Christine Lopez is a staff writer for Entrepreneur Philippines.
View Other Articles From Elyssa Christine
Comments
Latest Feed
 
Share
The Swedish furniture store offers a handbook for diferent bedroom needs.
 
Share
Described as skilled warriors and also beautiful women, the female Huks broke barriers.
 
Share
And how does it compare to the world's cheapest locations?
 
Share
Brands like Nike, Prada, Dior, Burberry, and Uniqlo are all part of the initial launch.
 
Share
Filipino tabletop games are one of the few fun things you can do offline.
 
Share
The author talks about what happened to Malorie, his opinion on the Netflix movie, and all those damn memes
 
Share
 
Share
For the French food festival, they will be serving up fine French cuisine on a special menu.
 
Share
Cellar 22 is a place where brothers, friends, and confidants hang out and relax.
 
Share
It’s always handy to have a skill ready for when you encounter car emergencies.
 
Share
Food trends come and go, but common sense should always be our guide when we eat.
 
Share
He may not have the endorsement from major parties, but Dr. Willie Ong's advantage is more unique: over 10 million online followers.
Load More Articles
Connect With Us