Energy News  
TRADE WARS
Ikea eyes further expansion in China

by Staff Writers
Shanghai (AFP) March 17, 2011
Swedish furniture giant Ikea is looking to expand further into China, its shopping centre development arm said Thursday, beyond three new malls already announced in major Chinese cities.

Inter Ikea Centre Group, or IICG, said Ikea would partner with French supermarket Auchan, Chinese appliance retailer Suning and cinema operator Jin Yi Film for the three malls in Beijing, central Wuhan and eastern Wuxi.

"Ikea is eyeing first and second tier cities for more stores and we are looking for suitable cities and locations along with them," Ding Hui, managing director of IICG China, told a news conference.

"Shanghai is certainly one of our targets," he said.

Ikea has said it plans to more than double its number of stores in China from the current eight by 2015.

IICG, based in Denmark, currently owns and operates 30 shopping centres in 14 countries, mostly in Europe, and China is its first stop in its foray into Asia.

It announced last year it would invest $1.2 billion in the next five years to build the three regional shopping centres in Beijing, Wuxi, and Wuhan.

But the final investment for the three projects, which have a combined gross leasable area of 500,000 square metres (5.4 million square feet) could exceed that, Ding said.

The combined retail space of its current 30 shopping centres totals 1.85 million square metres.

The Wuxi shopping mall is scheduled to open in late 2013, followed by Beijing in 2014 and Wuhan in 2015.

Ikea and the malls' three other anchor tenants will fill around half of the leasable areas.

China's rapid urbanisation would support Ikea's ambitious expansion plans, Ding said, adding he was not worried about the outlook for the shopping centres, which are much larger than most of its European malls.

The planned Beijing shopping centre, located in the capital's less-populous southern outskirts, has 7,000 parking spaces and cost IICG at least five billion yuan ($758 million).

"You have to take into account the urbanisation trend and be very forward thinking," Ding said.

"We had thought the 1,500 parking lots at the Beijing Ikea store was enough but it turned out cars had to park outside in the second month since opening," said Ding, who was previously vice president and chief financial officer of Ikea China.



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Global Trade News



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


TRADE WARS
Japan quake hits Taiwan tourism
Taipei (AFP) March 16, 2011
Taiwan said Wednesday it expected to lose millions of dollars in revenue as Japanese tourists cancelled visits to the island following last week's deadly earthquake. Taiwan's Tourism Bureau estimated a 20 percent decline in Japanese visitors over the coming three months, or more than Tw$1 billion ($33 million) in lost income, said spokesman Wayne Liu. Last year 1.08 million Japanese peop ... read more







TRADE WARS
Risk of major power blackouts in Japan: minister

Power outages begin in Tokyo area

Quake-hit Japan delays planned power cuts

Former Dutch minister to head IEA

TRADE WARS
Falklands firm holds out hope for new oil

German firm to join South Stream?

Oil up in Asia on Gulf tensions, Japan nuclear crisis

Mideast violence disrupts gas exports

TRADE WARS
GL Garrad Hassan Announces The WindHelm Portfolio Manager

American Electric Technologies Announces Deployment With Emergya Wind Technologies

GL Garrad Hassan Delivers Wind Map Of Lebanon

Eon to build fifth U.K. offshore wind farm

TRADE WARS
First Solar Selects DMB's Mesa Proving Grounds

Canadian Solar To Build Third SkyPower Solar Park

SolarWorld Taps Polycrystalline Tech To Expand US Output Of Solar Panels

First Solar To Build Solar Module Factory

TRADE WARS
Japan crisis gives Israel pause on nuclear power: PM

Obama orders review of nuclear plants

Anti-nuclear demonstrations held across Spain

GE defends nuclear plant design

TRADE WARS
Researchers To Turn Waste Into Wealth

Full Harvest Of Ford Greener Fuel Solutions

Solazyme And Dow Form Alliance

Enzymes From Garden Compost Could Favour Bioethanol Production

TRADE WARS
What Future for Chang'e-2

China setting up new rocket production base

China's Tiangong-1 To Be Launched By Modified Long March II-F Rocket

China Expects To Launch Fifth Lunar Probe Chang'e-5 In 2017

TRADE WARS
Northern Peatlands A Misunderstood Player In Climate Change

Ancient Hhyperthermals A Guide To Anticipated Climate Changes

The Zombie Invaders

Climate-Related Disasters May Provide Opportunities For Some Rural Poor


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement