IKEA is to open its first store in Wales. It will be built on a brownfield site next to the Cardiff retail park, and, at 25,000 sq m (269,107 sq ft), will be the company’s third largest UK store.
The company has been looking for a site in the Welsh capital for more than a year and on Friday submitted an outline planning application to Cardiff City Council.
IKEA announced in January that it was planning to invest £700m in opening between 60 and 70 stores across the UK over the next five years as it looks to double its sales. It is scouring the UK for sites of 4-to-8ha (10-to-20 acres), with targeted cities including Manchester, Liverpool, Milton Keynes, Oxford and Brighton.
The company warned that its expansion programme would see sales growth halve for the financial year to about 10-12%, following growth of about 20% in each of the past three years. IKEA reported sales of $8.7bn in the 12 months to 31 August 2000.
Goran Nilsson, managing director for IKEA UK, said: “A store in Wales is long overdue. We are delighted to be able to contribute to the regeneration of Cardiff.”
EGi News 05/03/01
