Ikea has announced plans to expand its reach with the opening of stores in 12 new markets in the coming years. Credit: Steven Lek.

Swedish home furnishing retailer Ikea has announced plans to expand its reach with the opening of stores in 12 new markets in the coming years.

The company will also partner with a new franchise Falabella to mark its entry into South America by opening new stores in Chile, Colombia and Peru.

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The retailer will open its first South American store in Santiago, Chile in late 2020 followed by locations in Lima, Peru and Bogota, Columbia.

“We will offer new and different ways to shop the Ikea product range online, in remote locations and in city centres. We will introduce smaller store formats and offer a wide range of flexible and affordable services.”

According to a statement from the retailer’s global franchise Inter Ikea, the company will also enter other countries such as Mexico, Estonia, Ukraine, Puerto Rico, Oman, Luxembourg, Macau and the Philippines to sell its products.

The retailer will open a total of nine stores in South America and will expand online in Chile, Colombia and Peru through Falabella in the next decade.

Inter Ikea CEO Torbjorn Loof said: “By 2025, we have the potential to reach and interact with three billion people.

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“We will offer new and different ways to shop the Ikea product range online, in remote locations and in city centres. We will introduce smaller store formats and offer a wide range of flexible and affordable services.”

In August this year, the home furnishing retailer IKEA marked its entry into India with the opening of its first retail store in Hyderabad, Telangana.

Spread across nearly 400,000ft², the store has seen IKEA reportedly invest $145.7m, which represents 10% of the company’s total investment proposal.

The company has opened 19 new stores globally during the last fiscal year and is planning to open 15 retail locations by August next year.