IKEA is planning a massive $20 billion global expansion.But it’s being slowed down.
Outgoing CEO MIkael Ohlsson told Anna Molin at The Wall Street Journal that red tape is causing problems, explaining that the amount of time it takes to open a store has doubled recently.
“What some years ago took two to three years, now takes four to six years. And we also see that there’s a lot of hidden obstacles in different markets and also within the [European Union] that’s holding us back,” he told the WSJ.
“It’s a pity, because it can help create jobs and investments at a time when unemployment is high in many countries,” he said.
The furniture retailer’s latest big market entry is India. It recently reached “an important milestone” by getting the country’s foreign-investment agency to forward IKEA’s proposal to the federal cabinet.
IKEA wants to create 25 wholly owned stores across India.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.