The Inter Ikea Centre Group is hoping to expand its appeal to Chinese families by opening more sites in the country’s top 10 cities.
Jointly owned by the Inter Ikea Group and Ikea Group, the commercial property operator said it plans to open its first shopping center in North China in Beijing on Dec 19.
Located near the South Fifth Ring Road, in the Xihongmen area, the center will cover 210,000 square meters of space and offer more than 400 retail brands.
Ding Hui, managing director of Inter Ikea Centre Group China, said it has invested more than 10 billion yuan ($1.63 billion) on three projects in Beijing, Wuhan, capital of Hubei province, and Wuxi, a second-tier city in Jiangsu province.
About 5.5 billion yuan was invested in the Beijing site, which the company claims is the largest in the country in terms of shopping area given purely to commercial and retail purposes.