IKEA to open first Philippine store at SM Mall of Asia

MANILA, Philippines — IKEA will reportedly open its first store in the Philippines in 2020 that will be located at one of the country’s biggest shopping malls.

IKEA Southeast Asia Managing Director Christian Rojkjaer said the global furniture retailer will build its first Manila store at SM Mall of Asia, which is operated by SM Prime Holdings Inc., according to a report by Inside Retail magazine.

“What happens in Malaysia and the Philippines is that we go in and… we must create the best shopping destinations in that country either alone or with somebody else,” Rojkjaer told Inside Retail magazine.

“Of course, not everybody in the Philippines can afford us today, but we will work on that and adapt our range and become better and better to become something for many more people,” he added.

“So let’s see what is going to happen [in the Philippines], but the first one will be with SM.”

IKEA, which operates through a franchise system, is one of the world’s biggest franchisers and furniture retailers with 415 stores in 49 countries.

IKEA will be the latest addition to the SM Group’s growing international brands that already include Forever21, Crate & Barrel, Uniqlo, Ace Hardware, Alfamart and Watsons, among others.

When it opened, SM Mall of Asia was the largest shopping mall in the country at the time. However, it was soon overtaken by SM City North EDSA and SM Megamall, which also underwent expansion.

The Sy-led SM Prime Holdings has interests in shopping malls, residential projects, commercial developments, hotels and convention centers. As of 2016, the Philippines’ biggest property firm has 60 malls in the country.