In an interview on the sidelines of the National Retailers Conference and Stores Asia Expo 2016, SM Investments Corp. vice chairperson Tessie Sy-Coson revealed that the SM Group is among those trying to sign a deal with the furniture retailer.
Sy-Coson explained, “We are just one of those who are talking to them.”
She added, “Everybody’s interested. It’s a very good furniture retailer so let’s see. They have a lot of criteria which are different from other retailers. It is not yet finalized what they want. Maybe they will come to making final decisions in 2017.”
The SM Group is the Philippines’ largest mall developer and retailer — with 58 shopping centers across the Philippines to date — is among those trying to sign a deal with the furniture retailer.
“Sy-Coson further stated that IKEA — one of the world’s biggest franchisers and furniture retailers with 387 stores in 48 countries — is looking to enter the Philippine market under a different model,” reports Richmond Mercurio in The Philippine Star.
For its part, the SM Group hopes to add IKEA to its growing international brands that already include Forever21, Crate & Barrel, Uniqlo, Ace Hardware, Alfamart, and Watsons, among others.
The “Ikea is coming to the Philippines” buzz has been going on for years.
It started in 2013.
On Jul 27 this year, the Philippine Daily Inquirer broke the news that IKEA was finally coming to the country.
However, there was no additional information about the specific opening date or location of the much-anticipated IKEA store.
Now we know.
