Swedish homeware giant Ikea is preparing to open its first store in Latvia.
The branch is planned to open outside the capital of Riga at the end of August 2018. Pending approvals, construction will begin this spring.
The store will be operated by SIA, part of Miklatorg Group, by franchise agreement with Inter IKEA Systems B.V.
The decision to enter new countries is made by Inter IKEA Systems B.V. ‘thorough profound market studies’ and franchisees are ‘carefully evaluated’.
Torbjörn Lööf, chief executive officer of Inter IKEA Group, said: "I’m very happy for IKEA Retail Latvia. To be on this journey, and together reach out to the many people in Latvia to offer them our well-designed, well-functioning, sustainable home furnishing products at a low price, is an exciting feeling.”
Today there are 392 IKEA stores in 48 markets and 13 groups of franchisees.