Ikea consolidates global shopping centres in one company

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Ikea merges its Russian, Chinese and Inter Ikea centres in Europe into one global shopping centre company.

All future shopping centres will be anchored by Ikea stores and most often accessible by public transport and more efficiently use cross border ideas.

By acquiring the remaining 51 percent of Inter Ikea Centre Group (IICG) from Inter Ikea Group, the Ikea Group forms a new global shopping centre company. The new fully owned company, Ikea Centres, says it will ”develop meeting places of the future, strengthen relations with tenants and spread retail ideas across borders”.

Shopping centres have proven to be appreciated by the visitors and a good support to the Ikea stores, as well as being a long-term investment. The transaction will enable Ikea Group to merge its existing shopping centres in Russia and IICG’s centres in Europe and China into one company. All future shopping centres will be anchored by Ikea stores and most often accessible by public transport.

“Bringing the shopping centre business closer to our retail operations offers unique possibilities in co-creating meeting places of the future; where people come for a fun day out, to meet, shop, dine and enjoy many other activities”, says President and CEO of Ikea Group, Peter Agnefjäll.

“Forming one company will enable us to further strengthen the relationship with our tenants and visitors globally and work more efficiently”, says Erik Øster Pedersen, responsible for the transaction at IKEA Group.

The new company, Ikea Centres, will own 31 shopping centres in Europe and China in addition to the existing 14 shopping centres in Russia. Ikea Centres will be a fully owned subsidiary of the Ikea Group, with 45 shopping centres in 11 countries totalling more than three million square meters and approximately 400 million visitors annually.

The shopping centres will continue to operate under different brands, such as MEGA in Russia or LIVAT in China. John Tegnér, today CEO at IICG, will be CEO of Ikea Centres.

“I’m very excited to take on this new challenge and work together with our experienced leaders within our shopping centre companies as well as within the Ikea Group as a whole. Together with well known international and national brands we will continue to create dynamic and exciting destinations that include food, fashion, entertainment, restaurants and much more,” says John Tegnér.

The transaction is expected to be closed by 31 December 2014.