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Ikea plans China expansion

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15:52 CEST+02:00
Swedish home furnishing giant Ikea has said it is to open a new store in Beijing, and one in Shanghai.

The store located in Beijing will open on April 12th. It will be Ikea's biggest outlet in Asia - and the second biggest in the world - with total floor space of 107,000 square metres.

The location of the new Shanghai store has not been decided, according to the official Xinhua news agency.

China is experiencing an urban housing revolution in which millions of middle-income couples are buying apartments, creating a huge market for furniture retailers.

Ikea, which started operating in China in 1998, already has three stores in the country - in Beijing, Shanghai and Guangzhou.

The company plans to have 10 Ikea stores in China by the end of 2010.

Ikea's global turnover reached 14.8 billion euros last year.

AFP/AFX

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