IKEA is opening a store near the North Korean border
By Oliver Pechter, Business Insider Nordic
In the midst of an ongoing crisis with a saber-rattling North Korea, Swedish furniture giant Ikea is opening a gigantic department store in South Korea, close to the border. This news was reported by Korea Herald.
The new department store will be located in a four-story building in Goyang, the northwestern suburb of Seoul.
It will be only slightly smaller than another store, located south of Seoul, and “by far the biggest Ikea store in the entire world,” according to country manager Andre Schmidtgall.
The new Goyang store will help relieve some of the traffic to Ikea’s flagship store, which is frequently packed with visitors, according to Schmidtgall.
Ikea is doing well near the Hermit Kingdom.
Its first-ever store in South Korea, situated in the southwestern Seoul suburb of Gwangmyeong, grew its revenues by 6.6 percent over the past financial year. Meanwhile, Ikea’s web-store and mobile app were visited by 38.8 million people.
By 2020, Ikea plans to have six stores up and running in South Korea, in addition to a growing e-commerce business.
Read the original article on Business Insider Nordic. Copyright 2017. Follow Business Insider Nordic on Twitter.
IMAGE: Customers look around showrooms on display at an Ikea store in Gwangmyeong, South Korea. Kim Hong-Ji/Reuters
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