IKEA to open third outlet in Korea

Swedish furniture giant IKEA will open its third store in South Korea in Giheung-gu, Yongin to make its products more accessible to customers in the Southern metropolitan area.

IKEA Korea held the groundbreaking ceremony for the new outlet on 25 July in Giheung-gu, Yongin, 34 kilometers Southeast of Seoul. The retail space  of 91,000 square meters includes parking space, with different floors. It is expected to be completed in late 2019.

IKEA opened its first Korean store in Gwangmyeong, Gyeonggi Province in 2014 and its second store in Goyang three years later. The Gwangmyeong branch is situated west of Seoul while the Goyang branch is located in the north.

“We are looking forward to meeting customers in the Southern area through our Giheung branch,” said an official from IKEA Korea. “As a multi-channel retailer, we will continue to expand our reach and improve the shopping experience for our customers so that more people can furnish their homes with IKEA products.”

IKEA Korea employed 700 new staff last year and was named one of the top hiring companies in 2018 by the Ministry of Employment and Labor.

In the fiscal year ended August 2017, the retailer raked in sales of 365 billion won (US$326.1 million), up 6 percent from a year earlier, and drew more than 6.5 million visitors. When including the sales of its second store which opened last October, its sales and visitor tally are expected to double in 2018.

The Swedish furniture giant runs 355 stores in 29 countries. Its total sales last year in the global market rose 3.5 percent from the previous year to 34.1 billion euros.