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Summary
- IKEA is all set to open its first downtown location in Toronto.
- Ingka Centres, which is holding company Ingka Group’s shopping centres business, announced on Thursday, March 25, that it has purchased a location at the Aura area on Yonge Street.
- Speaking about the acquisition, Ingka Centres’ Managing Director Cindy Andersen pointed that it marks the company’s entrance in the Canadian market.
IKEA is all set to open its first downtown location in Toronto, a plan that bore fruit after the Swedish furniture retailer acquired a commercial space in the city centre recently.
Ingka Centres, which is holding company Ingka Group’s shopping centres business, announced on Thursday, March 25, that it has purchased a location at the Aura area on Yonge Street. The space reportedly sprawls over some 12,000 square meters across three floors.
Speaking about the acquisition, Ingka Centres’ Managing Director Cindy Andersen pointed that it marks the company’s entrance in the Canadian market.
©Kalkine Group 2021
What Will IKEA’s First Toronto Store Be Like?
Considering the design of the urban location, IKEA Canada said that it plans to open a smaller store at this location. In the past, the Swedish company is said to have launched 10 of such smaller-format stores across the world, including major cities such as Paris, New York, Moscow, Shanghai, etc.
The IKEA Toronto Downtown Store will hold roughly 2,000 products that can be purchased and taken away immediately, while the displayed larger items will be available for home delivery. However, the outlet, IKEA Canada said, will not include any self-serve furniture.
If all goes as per plan, IKEA’s downtown Toronto location is expected to be in business by late this year or early 2022.
What About IKEA Stock?
©Kalkine Group 2021
The IKEA brand is well known for its furniture and home décor accessories. The multinational Swedish giant was established by a teenaged founder, Ingvar Kamprad, back in the 1940s, and has since expanded to become the biggest furniture seller in the world.
The company, however, remains privately held, which means its shares are locked. And so, stocks of IKEA are not up on the public markets.
