IKEA plans a more than 2 billion USD investment in Russia

The Russian subsidiary of IKEA plans to invest at least 2.1 billion euros more in new and existing Mega shopping malls in Russia by 2020, it said on Thursday, reaffirming long-term expansion plans for the country despite an economic downturn.

The head of IKEA Shopping Centres Armin Michaely, presenting the company's long-term strategy to tenants, said the next mall — IKEA's 15th in Russia — would open in Mitishchi, just outside Moscow, in 2018.

Out of 2 billion euros earmarked for investment in Russia, 40 percent would go to existing stores and 60 percent to opening new stores, he said.