Swedish retail giant IKEA completed another milestone in its expansion across Latin America on Thursday: it opened the first of three stores in Colombia, the largest in the entire region.
Landed by Falabella, We look forward to opening two more locations in 2024 in Cali and Medellin, which will be added to our more than 450 locations in 60 markets around the world.
It’s all part of the company’s roadmap “Involves an investment of US$600 million and intends to open nine stores in Chile, Colombia and Peru over a period of 10 years, In addition to the electronic platforms for each market DFSUD Headquarters in Bogotá Francisco Errázuriz, Director General for Chile, Colombia and Peru.
“Today we are focusing on Colombia, with the opening at Mallplaza NQS,” he added.
– What does the decline in this market mean for the company?
-It is an opportunity to take our offer of furniture and home decor items to a new market in South America. This category has grown significantly in recent years in the Colombian market, and with our arrival we want to contribute to the further revitalization of the industry.
– Most retailers have seen an impact on their results due to the global economic environment. How would IKEA look in this scenario?
We observe a volatile global economic scenario, in light of rising inflation levels and slowing consumption. Despite this, at IKEA we continue to promote the unification of our company. We have witnessed great interest in our brand in the region, exceeding our expectations.
– They come from Falabella, one of those companies that is going through hard times. How do you see the progress of this alliance?
- -IKEA operates under a franchise model all over the world. It is the core of the model and ensures that the experience is the same wherever it is located. Falabella is the brand operator in South America and has over 130 years of history and experience in the region, which is an endorsement for us.
– From the Chilean experience, what did you take with you to Colombia?
- – We have collected what you learned from the first experience in Chile. We invest in knowledge transfer between teams and have implemented all the improvements in Chile, starting our operations with the same standards that the country has today.
- We hope to arouse the same interest in Colombia, or even more, than the Chilean market has shown us.
– In Colombia, other retailers have strengthened their operations due to the entry of new players into the market. Is competition a problem in this country?
We believe that the multiplicity of offers is positive for the consumer because it allows him to access different proposals.
– Weeks ago they registered the trademark in Argentina. Are you preparing to arrive in this country?
- Ikea is a global brand, and Ikea’s retail sales have expanded into many new markets over the past 10 years, including Latin America. We are constantly evaluating new potential markets, in line with our expansion plans.
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