Ikea, one of the world's largest home furnishing service providers, has announced in Beijing that it will speed up the expansion in China from its 2007 fiscal year.
Ian Duffy, IKEA's president for Asia Pacific, says that Ikea's four stores in China have done quite well in 2007 and they have achieved an increase of 38% in sales. Meanwhile, Ikea has sped up its steps for expansion and plans to open new stores in Nanjing, Shenzhen, and Dalian, respectively, next year.
Despite being in China for nine years, Ikea has had only four stores in China. Duffy tells local media this is because Ikea is carrying out a three-phase strategy in China, which includes a period of landing, setting up standard stores and then increasing the rate of opening of new outlets.
At present, Ikea has 259 stores in 34 countries across the world. The existing four stores of Ikea in China are located in Shanghai, Beijing, Guangzhou and Chengdu.