IKEA (Leiden, Netherlands) is planning to expand into about a dozen new markets — result in a total reach of 3 billion potential customers — by 2025.
The new markets slated for the retailer include Chile, Colombia, Peru, Mexico, Estonia, Ukraine, Puerto Rico, Oman, Luxembourg, Macau and the Philippines. These will mark the retailer’s foray into the South American market, with the first store there planned to open in Santiago, Chile, in late 2020.
According to Chicago Tribune, this move is a shift in resources toward more emerging markets as well as offering alternative shopping experiences (including in city centers, remote locations as well as online) to better suit customers’ changing needs.
Currently, the company operates in more than 50 markets.