IKEA Buys Land for 2nd Store Near Seoul

The world's largest furniture store chain IKEA on Monday bought a plot in Goyang, Gyeonggi Province to set up a second store here.

IKEA won a tender by the Korea Land and Housing Corporation, paying W73.4 billion (US$1=W1,061) for the 51,297 sq.m plot.

The firm said it chose the plot due to its proximity to northern Seoul. The other outlet will be in Gwangmyeong in the same province, targeting consumers from the southern part of the capital.

IKEA bought the plot in 2011 but the store will not open until next year.

Launched in 1943 in Sweden, IKEA has 345 stores in 42 countries with around 154,000 employees and posted sales of 27.5 billion euros last year.

englishnews@chosun.com / Dec. 24, 2013 11:57 KST