MANILA (Reuters) – Global furniture retailer IKEA AB [IKEA.UL] will in 2020 open its first store in the Philippines located at one of the world’s biggest shopping malls, mall operator SM Prime Holdings Inc (SMPH.PS) said on Friday.
SM Prime, the Philippines’ biggest property firm, will build premises at the SM Mall of Asia to rent to IKEA under an agreement signed earlier this year, said Alexander Pomento, SM Prime vice president for investor relations.
The firm is also considering renting some of the new space to other tenants, he said.
Up to 300,000 people a day pass through the SM Mall of Asia, situated in the Manila Bay retail, residential and entertainment hub.
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