Ikea to open first South American stores

STOCKHOLM: Sweden’s Ikea, which revolutionized affordable furnishing for households, is to expand its flat pack offers to South America for the first time.
The group announced on Thursday that it aims to open at least nine stores in Chile, Colombia and Peru in the next decade along with online sales channels for the three nations.
Inter Ikea Group’s chief executive Torbjorn Loof said in a statement that partnering with the Chilean department store and retail company Falabella “will give us the speed we need to be more accessible to the many.”
The two companies on Thursday signed an agreement which secured Ikea franchise rights in all three countries.
The Swedish giant is also exploring expansion opportunities in Mexico where it opened an office in April 2017.
Founded in 1943, the brand currently operates 418 stores in 49 markets.
Listed on the Santiago Stock Exchange, Falabella operates 494 stores, 42 shopping centers and employs more than 100,000 people in Chile, Peru, Colombia, Argentina, Uruguay, Brazil and Mexico.