Ikea’s €1 billion investment in Spain will double number of stores nationwide

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Ikea store in Marineda City, Spain
Photo Credit Soniadcm, Wikipedia

THE new CEO of Ikea Iberia for Spain and Portugal, Tolga Oncu, announced plans on Monday September 28 to invest €1 billion in Spain creating 1,700 direct and 14,000 indirect jobs by 2020.

Speaking to Spanish economic newspaper, Expansión, the head of Iberia explained that the expansion would lead to a doubling of stores in Spain.

“Right now we have 16 stores and pick-up points in Spain and by 2025 we hope that there will be double the opportunities to physically buy from Ikea.”

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He added that Ikea stores are currently located within an hour’s drive of 65 per cent of the Spanish population and that the company wants to reach 80 per cent in the next 10 years.

In the past year sales at Ikea rose above €1.2 billion with almost 40 million visits registered to the stores. The Swedish multinational opened seven new facilities in the past five years with a total investment of €700 million. “Spain is a very important market to us,” Oncu said.       

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