IKEA, the multinational company specializing in the sale of ready-to-assemble furniture, is looking to expand in Colombia. After opening its first national store in Bogota in September 2023, IKEA recently opened a store in Cali and has announced the upcoming opening of a third store in Medellin.

The Swedish group is looking to establish itself in the Colombian market, committing to invest around US$600 over the next few years. Latin America is the new region of expansion for IKEA, as it targets its market of over 650 million people.

The expansion is swift: Colombia is the third country in Latin America to get an IKEA store, following Chile in 2022 and Mexico in 2020. Next, the multinational company is targeting Peru and Brazil, with stores planned in Lima and São Paulo, the largest cities in the Americas.

IKEA reaches Colombia

IKEA is betting on the growth of the Latin American and Colombian middle class. According to Colombia’s National Administrative Department of Statistics (DANE), 15 million Colombians are part of the middle class, which implies a stronger desire and capacity to consume goods.

IKEA’s interest in the Colombian market is reflected in the significance of its infrastructure. Opened eight months ago, its Bogota store is the largest in South America, with three floors totaling over 26,000 m² and around 6,000 products on display.

The results are already being felt, both for IKEA and the local economy. Its Bogota store reportedly boosted visits to the Mallplaza mall, where it is located, by 30 percent in the last months of 2023. Nationally, IKEA employs 800 people and covers most Colombian cities, with deliveries in Barranquilla, Cartagena and Pereira, notably.

Earlier this month, IKEA opened a store in Cali, and announced the opening of a store in Medellin by the end of the year, completing its coverage of the country.

Fuente: Colombia ONE