MAPIC: Russia and China are two of the countries offering retailers a safe haven for expansion during the eurozone crisis, according to IKEA Shopping Centres.
Speaking at MAPIC in Cannes, Magnus D’Oldenburg, head of centre management at IKEA, said that development in Russia and China “far outweighed the stagnation” in Central and Eastern Europe.
D’Oldenburg added that retailers in its schemes across the Iberian peninsula and Greece were seeing a decrease in sales.
IKEA Shopping Centres Russia & CIS will have 14 MEGA Malls opened by the end of 2011.
But, D’Oldenburgh said there would be no further new openings for the foreseeable future. The company will instead concentrate on the sites it already has.
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Noella.Pio.Kivlehan@estatesgazette.com
