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Newsletter February 2011


IKEA Expansion via Greece

Greece's Fourlis, a franchise-holder of Swedish furniture retailer IKEA, plans to invest 150 million Euro ($197.5 million) to expand its IKEA stores network in Greece, Cyprus, Bulgaria and Romania.

Fourlis expects to open its first outlet in Bulgaria by the third quarter of 2011, Athens-based newspaper Imiresia quoted the company's chairman Vasilios Fourlis as saying at the opening of a store in northern Greece.

At the ground-breaking ceremony in Sofia in June, Fourlis said it will invest 50 million Euro to build the first IKEA store in Bulgaria.

Fourlis launched sales of IKEA products in Greece in 2001. The sales of the Swedish brand currently account for nearly half of Fourlis's revenue.

IKEA has 301 stores in 37 countries.

Source: Bloomberg