The world's largest furniture store chain IKEA is about to set up shop in Korea. IKEA Korea was recently registered at the Seoul Central District Court with a capital of W30 billion (US$1=W1,163). The CEO is Patrick Schurpf from Switzerland.

Headquartered in Sweden, IKEA has over 300 stores in 35 countries and W40 trillion in annual sales. An industry insider said, "Since IKEA usually runs huge stores with over 16,000 sq. m surface, it is likely to take two or three years until the store actually opens here."