SM to build IKEA's first store in Philippines: report

ABS-CBN News

Posted at Apr 06 2018 08:33 PM | Updated as of Jan 18 2019 06:16 PM

MANILA - The Philippines' largest shopping mall operator, SM Prime Holdings, will build the first store of Swedish furniture company IKEA in the Philippines, Bloomberg reported Friday.

The IKEA store will be built in SM's Mall of Asia (MOA) Complex, home to one of its largest malls, an events arena, and a Conrad hotel branch, SM Prime Vice President Alex Pomento was quoted as saying.

Josefin Thorell, spokesperson of Inter IKEA Systems, first confirmed to ABS-CBN News IKEA's planned Philippine foray in February.

IKEA's simple but sturdy designs and self-assembly products are now familiar in homes around the globe, and the retailer is aiming to generate 50 billion euros ($62 billion) in annual revenues by 2020.