Belarusian furniture maker Swed house plans to fill Ikea void in Russian market
(MENAFN) According to a recent report, the Belarusian furniture manufacturer Swed House is planning to expand its presence in the Russian market, which has been left void by the exit of IKEA. The head of the Union of Shopping Centers, Bulat Shakirov, has announced that under a newly signed cooperation agreement between his organization and Swed House, the Belarusian firm intends to open up to ten stores in Moscow by the end of this year. Additionally, Swed House is considering opening around 50 more outlets across the country in the years to come.
Swed House specializes in selling home goods that resemble IKEA products. The company is reportedly looking to open stores in Moscow that have an area of up to 1,000 square meters. Shakirov has also disclosed that his union has entered into negotiations with Mega shopping centers, which were formerly owned by IKEA, to allow Swed House to become one of their tenants.
It appears that there is a significant demand for home products and textiles in Russia, as over 100 shopping malls have reportedly expressed interest in hosting Swed House. The stores could potentially be located in the center of Moscow, on the Moscow Ring Road, or in residential areas. This expansion by Swed House comes after Ingka Group, the Swedish company that owned IKEA stores and Mega shopping centers in Russia, suspended its business operations in the country earlier this year due to Ukraine-related sanctions.
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