IKEA to open in Cyprus in September

NICOSIA, July 23 Mon Jul 23, 2007 4:15pm EDT

NICOSIA, July 23 (Reuters) - Swedish home furnishing company IKEA will open its first outlet in Cyprus on Sept. 6, Greek franchise owner Fourlis (FRLr.AT) said on Monday.

The 20,000 square meter store is nearing completion on the outskirts of Nicosia, the capital of the east Mediterranean island.

"We aspire to be one of the biggest investors in Cyprus, with an investment of 40 million euros and the employment of between 300 and 350 people," chairman Vassilis Fourlis said at a presentation here.

Fourlis, also active in the wholesale of electronic and electrical appliances and retail sportswear, operates two IKEA stores in Greece. It also aims to expand the IKEA brand in Bulgaria in 2008.

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