Sweden-based global home furnishing giant IKEA has announced to set up a ware house in Malaysia with an investment of $212 million. Once operational, it will be largest regional distribution and supply chain centres in Malaysia.
The upcoming warehouse to be spread in an area of 100,000 square metre will house an inventory worth 6.6 billion ringgit per annum and will serve 12 current retail stores in the region.
The furniture giant aims to increase its stores in ASEAN region to 20 by 2026. This information was announced by the Malaysian Investment Development Authority (MIDA) said in a statement on Tuesday. However, IKEA is yet to respond on the development.
IKEA stores in Malaysia are most visited globally so the country is an important market for the furniture retailer.
Since its 1943 founding in Sweden, IKEA has offered home furnishings of good design and function at low prices so the majority of people can afford them. There are currently more than 380 IKEA stores in 48 countries, including 43 in the US.
IKEA has been working extensively on its expansion plan globally. The furniture giant is all set to foray into Indian market as well. Indian city of Hyderabad is all set to get first IKEA store in the country.