MANILA: Global furniture retailer IKEA will in 2020 open its first store in the Philippines located at one of the world’s biggest shopping malls, mall operator SM Prime Holdings said on Friday.
SM Prime, the Philippines’ biggest property firm, will build premises at the SM Mall of Asia to rent to IKEA under an agreement signed earlier this year, Alexander Pomento, SM Prime vice president for investor relations, said.
The firm is also considering renting some of the new space to other tenants, he said.
IKEA did not immediately respond to requests for comment.
Up to 300,000 people a day pass through the SM Mall of Asia, situated in the Manila Bay retail, residential and entertainment hub.
As of last month, IKEA had 414 stores in 49 countries, many in out-of-town malls. The firm in November said it would increase city-center showrooms.
SM Prime, owned by the Philippines’ richest man, is valued at $19 billion and has interests in shopping malls, office towers, residential buildings, hotels and convention centers.
IKEA partners with mall operator SM Prime for first Philippines store
IKEA partners with mall operator SM Prime for first Philippines store
