Photo: Flickr / Jules Antonio
IKEA, the Swedish furniture and home decor chain, is doubling the pace of new store openings by 2020 as it hopes to capture Chinese consumers. The retailer plans to open about 25 stores a year compared with the current goal of six to 12, report Jens Hansegard and Anna Molin at The Wall Street Journal.
The store openings will create between 6,000 and 12,000 jobs globally each year, CEO Mikael Ohlsson tells the WSJ.
The store is hoping to get more U.S. market share. IKEA has between 2 and 3 per cent of the market, compared with 30 per cent in Sweden.
IKEA is also trying to break into India, a major emerging market, but is grappling with regulation issues. The brand has also struggled with expanding in parts of Europe.
Their brightest spot, however, is China. From the WSJ:
“The rate of expansion in China is set to triple next year from 2011; the company recently bought land in South Korea and expects to open its first store there in a few years; and it has plans to open its first stores in Croatia and Serbia in 2013, as well as a third warehouse outside Barcelona, Spain in December.”
While Ohlsson announced he is retiring, he will be succeeded by Peter Agnefjall, who currently runs the Swedish operation.
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