Swedish retailer buoyed by Chinese performance
Ikea's sales in China for the current financial year have jumped 21 per cent and the retailer says the store at Madian in Beijing will make way for a giant outlet in the north of the city as it ramps up expansion in the country.

The new store will open in the spring and will be the first 'global-standard' Ikea in Beijing, said the company, and the second largest in the world after the Stockholm outlet. It will trade over two floors like the Shanghai store.

Construction of Ikea's third store in China will begin in Guangzhou 'in the near future', said the retailer.

More than nine million people visited Ikea's stores in Shanghai and Beijing in the past financial year. Sales revenue has risen 34.5 per cent in the past five years and sales volume is up 500 per cent. However, prices have decreased 44 per cent from 2000, said an Ikea China spokeswoman.

The existing Madian store trades from 161,460 sq ft (15,000 sq m) and offers approximately 5,000 products. The new outlet will stock about 7,500 lines under Ikea's Store and Organise theme to be rolled out next year.

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