SM Group in bid to bring in IKEA

MANILA, Philippines – The SM Group is bidding to bring international furniture brand IKEA to the Philippines.

SM Investments Corp. vice chairperson Tessie Sy-Coson said the country’s largest mall developer and retailer is among those trying to sign a deal with the furniture retailer.

“We are just one of those who are talking to them,” Sy-Coson said in interview on the sidelines of the National Retailers Conference and Stores Asia Expo 2016.

“Everybody’s interested.  It’s a very good furniture retailer so let’s see,” she added.

IKEA is one of the world’s biggest franchisers and furniture retailers with 387 stores in 48 countries.

Reports abroad have indicated the company is inclined to set up a shop in the Philippines.

According to Sy-Coson, IKEA is looking to enter the Philippine market under a different model.

“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,” she said.

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 group, through listed SM Prime Holdings, is also the country’s largest mall developer with 58 shopping centers across the Philippines to date.