IKEA’s largest retailer, Ingka Group, has revealed plans to invest more than 3 billion euros ($3.16 billion) to expand its store network by the end of next year.
The company will open downtown locations in cities and upgrade its existing locations to make online deliveries.
Ingka Group will open its first city stores in Stockholm, Sweden and Toronto, Canada in the coming months.
These stores will house more than 2,000 products and offer immediate takeout and larger furniture for home delivery.
Ingka Group will open a store in Nice, France on May 11.
In Canada, the company will add a distribution center in Quebec and a planning studio in Montreal.
In addition, Ingka is investing nearly €1.2 billion in London, UK, to open a new store in Oxford Street, as well as a distribution center in Dartford to enable home delivery service in 24 hours across London.
The company plans to open a pick-up point and a third urban store in Madrid, Spain, where it has three traditional stores and two urban stores.
At the same time, Ingka Group will continue to invest in countries such as Germany and Spain, where it has established itself.
Tolga Öncü, Director of Retail Operations, Ingka Group, said, “More than ever, we want to optimize our store network to deliver an inspiring shopping experience no matter how and where our customers choose to shop. engage with us.
“With this investment, we aim to ensure the long-term viability of our business by making IKEA more accessible, more affordable and more sustainable.”
Over the past three years, Ingka Group has invested more than €2.1 billion in existing and new stores in the 32 markets in which it operates.
Last November, IKEA revealed plans to open a $449.8 million mall in Gurgaon, Haryana, India.