STOCKHOLM: Sweden’s Ikea, which revolutionized affordable furnishing for households, is to expand its flat pack offers to South America for the first time.
The group announced on Thursday that it aims to open at least nine stores in Chile, Colombia and Peru in the next decade along with online sales channels for the three nations.
Inter Ikea Group’s chief executive Torbjorn Loof said in a statement that partnering with the Chilean department store and retail company Falabella “will give us the speed we need to be more accessible to the many.”
The two companies on Thursday signed an agreement which secured Ikea franchise rights in all three countries.
The Swedish giant is also exploring expansion opportunities in Mexico where it opened an office in April 2017.
Founded in 1943, the brand currently operates 418 stores in 49 markets.
Listed on the Santiago Stock Exchange, Falabella operates 494 stores, 42 shopping centers and employs more than 100,000 people in Chile, Peru, Colombia, Argentina, Uruguay, Brazil and Mexico.
Ikea to open first South American stores
Ikea to open first South American stores
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
