SEOUL, Nov. 16 (Korea Bizwire) — Sweden’s furniture giant IKEA will open its first store in Korea on December 18 in Gwangmyung, a residential town located in the southern outskirts of Seoul. Earlier on November 13, the company launched a Korean website and showed off more than 8,000 items on sale and their prices.
As the opening day approaching within a month, domestic incumbents, especially small- and mid-sized furniture purveyors, are bracing for the inevitable. Meanwhile, IKEA is currently busy putting in sale items on display after getting a preliminary approval to use the building from the city government.
The Gwangmyung store will see furniture, home furnishing accessories, and food and beverage in a 27,670-square-meter site. The company plans to open a total of seven stores in and around Seoul including Goyang and Hanam.
Ranked 31st in terms of the world’s brand value, IKEA runs 338 store locations in 40 countries, earning US$38.2 billion in sales revenue. Its strength lies in stylish furniture at affordable prices, which is why smaller competitors are scared of its presence.
By Sean Chung (email@example.com)