IKEA opens new store in Russia
IKEA has opened its 19th store in Russia, a 290,000-square-foot location in Novosibirsk. The store is the company’s first location west of Ural Mountains in Russia, according to the Moscow Times.
The project, which includes room for a large shopping complex with other retail locations, cost about $250 million, with a $150 million contribution from IKEA and remaining funds invested by tenants in the shopping center.
The store includes about 131,000 square feet of shopping area with room for around 170 separate companies, according to the newspaper. The grand opening of the IKEA store was held up for 20 days due to issues with local politicians over obtaining operating permits.
Swedish retailer IKEA operates 267 stores in 36 countries.