Ingka Centres To Expand To U.S.

IKEA’s expansion plans remained on track as customers are quickly returning to its premises after the lifting of coronavirus-related lockdowns which had forced stores to close. Ingka Centres, which has 45 malls anchored by IKEA stores across Europe, Russia, and China and plans to enter the United States in 2021, says footfall in the 12 months through August had fallen by almost a quarter and tenant sales had dropped 16 per cent. Malls closed fully or partially for a few weeks in 13 of 15 markets early in the pandemic. Alongside IKEA, it is shifting focus from out-of-town to smaller inner-city locations as it adapts to digitization and changing consumer behaviours. It is hunting for property in some 40 major cities and in 2020 inked its first acquisitions, in London, UK, and San Francisco, CA.