IKEA Steps Up Russian Stores Expansion

21 March 2008

MOSCOW: Increasingly affluent Russians are apparently finding it hard to resist the flat-pack delights on offer from Scandinavian furniture retail titan IKEA, which has seen sales soar over the past ten years.

The company say February sales rose 50% versus the year earlier period and plans are in place to increase the number of stores in Russian and former Soviet republics from ten to 25 within five years.

Says Nick Peel, general director of the Dybenko store in St Petersburg: "The Russian economy is increasing rapidly. People have more money. The opportunity for us to expand is far greater in Russia, certainly, compared to the UK."

Data sourced from Moscow Times / Bloomberg; additional content by WARC staff