According to Ding Hui, managing director for Inter Ikea Centre Group, the group has decided three shopping center projects in China with total investments of CNY10 billion, and it will further increase its investment in the marketplace by building its fourth project in Shanghai with CNY5 billion.
Ding revealed the news during the foundation stone laying ceremony for IICG's new shopping center in Wuxi, which is also its first project in China. Located in Xishan Economic Technological Development Area, the IICG shopping center in Wuxi can accommodate 400 vendors and is expected to open at the end of 2013. In addition, the group's new shopping centers in Beijing and Wuhan will be launched in 2014 and 2015, respectively. These three projects will cover total areas of 510,000 square meters and brands such as Ikea, Auchan and Suning have signed agreements to enter the new shopping centers.
The Shanghai project is reportedly undergoing site selection and the location will be decided over the next six month. With the opening of the new IICG shopping center, Shanghai will have four Ikea stores.
Founded in 2001 and headquartered in Copenhagen, Denmark, Inter Ikea Centre Group is a joint venture which is 51% owned by Inter Ikea Group and 49% owned by Ikea Group. IICG has built 30 shopping centers in 14 countries and regions worldwide. It entered the Chinese market in 2009 with Shanghai as its local headquarters.