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IKEA, the global home furnishings giant, has made its entry into Foshan with a total investment of approximately 1 billion yuan. The company has selected Qiandeng Lake as the location for its new store, marking a significant milestone in the city's retail landscape.
The IKEA (China) Investment Co., Ltd. has acquired a commercial site spanning about 30,000 square meters in the A24 block of Guicheng Street. This land is part of the Guangdong Financial High-tech Service Zone C and is expected to host an IKEA home shopping mall with a construction area of at least 50,000 square meters. The project is set to be completed by 2017 at the earliest, with a total investment of around 1 billion yuan.
According to the Nanhai District Land Exchange Center, the land was purchased at a base price of 380 million yuan. Located near Guilan Road and close to the Qiandeng Lake Metro Station, the site offers excellent accessibility. It is also strategically positioned near major transportation routes such as the First Ring Road of Foshan, making it easily reachable from surrounding cities like Chancheng, Shunde, and Guangzhou.
An official from the Guangdong Financial High-tech Service Zone C mentioned that negotiations with IKEA began over a year ago, driven by the area’s convenient transportation and strong consumer spending power. The location’s proximity to key roads and the subway makes it ideal for attracting a broad customer base.
Another factor behind IKEA’s decision to locate in Nanhai is the expiration of the lease at the Guangzhou Tianhe IKEA Pavilion. This has led to speculation that the new Foshan store will serve as a flagship location covering both Guangfo and Zhao areas.
The news of IKEA’s arrival in Foshan was first announced on the company’s official Weibo account, sparking excitement among local residents. Many expressed enthusiasm, saying they would no longer need to travel to Guangzhou to shop at IKEA. Younger people, in particular, showed more interest in the development.
However, local furniture manufacturers have taken a more cautious approach. Zhong Haizhou, assistant to the president of the Federal Group, noted that while IKEA is a global leader, the overlap between its target market and that of Foshan’s local furniture companies is limited. IKEA primarily targets young consumers, such as recent graduates and newlyweds, who tend to make one-time purchases. In contrast, Foshan’s furniture industry caters to more established buyers.
Despite this, Yang Zhihua, Secretary General of the Lecong Furniture Association, believes that IKEA’s presence could be beneficial. He suggested that local manufacturers could explore opportunities to collaborate with IKEA, potentially expanding their product lines and enhancing their market reach.
Zhong Haizhou remains cautiously optimistic, emphasizing that while IKEA holds strong bargaining power, Foshan’s furniture companies should seek strategic partnerships to avoid being relegated to lower-end manufacturing roles. By leveraging their strengths, local firms can position themselves as valuable suppliers within IKEA’s global supply chain.