Report: IKEA looks to enter PR market
Officials from the Stockholm-based home-ware chain were reportedly on the island this week scouting locations in the San Juan metropolitan area, according to a report in a Spanish-language newspaper.
The company, the world’s largest furniture maker, is reportedly in talks with the island government’s Economic Development & Commerce Department on an initial plan to set up a central warehouse and as many as three stores.
The report said IKEA aims to open operations in Puerto Rico by the end of the year.
IKEA has come a long way from its start in the Smaland region in southern Sweden. Today it employs 131,000 people in 41 countries and its 287 stores drew in 655 million customers lastyear.
Over the past decade, the company expanded into big emerging markets like Russia and China, although 79 percent of its sales are still generated in Europe. It is also eyeing South Korea and India, CEO Mikael Ohlsson told the Associated Press in a recent inbterview.
IKEA has come a long way from its start in the Smaland region in Southern Sweden. Today it employs 131,000 people in 41 countries and its 287 stores drew in 655 million customers last year, ringing up .
IKEA reported a 10.3 percent jump in net profit to $3.81 billion for the year ended Aug. 31, even though it cut prices by 2.6 percent. Revenue rose 6.9 percent in the same period.