April 6, 2018 / 9:45 AM / 5 months ago

IKEA partners with mall operator SM Prime for first Philippines store

MANILA, April 6 (Reuters) - Global furniture retailer IKEA AB will in 2020 open its first store in the Philippines located at one of the world’s biggest shopping malls, mall operator SM Prime Holdings Inc said on Friday.

SM Prime, the Philippines’ biggest property firm, will build premises at the SM Mall of Asia to rent to IKEA under an agreement signed earlier this year, Alexander Pomento, SM Prime vice president for investor relations, told Reuters.

The firm is also considering renting some of the new space to other tenants, he said.

IKEA did not immediately respond to requests for comment.

Up to 300,000 people a day pass through the SM Mall of Asia, situated in the Manila Bay retail, residential and entertainment hub.

As of last month, IKEA had 414 stores in 49 countries, many in out-of-town malls. The firm in November said it would increase city-centre showrooms.

SM Prime, owned by the Philippines’ richest man, is valued at $19 billion and has interests in shopping malls, office towers, residential buildings, hotels and convention centres.

Reporting by Neil Jerome Morales; Editing by Martin Petty and Christopher Cushing

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