Cairo Festival City to host global home furnishing giant, IKEA
- Egypt: Thursday, April 22 - 2010 at 09:17
- PRESS RELEASE
Today, Cairo Festival City celebrated their official partnership with IKEA in a ground breaking ceremony that took place at Cairo Festival City's Festival Center. The ceremony which took place in the presence of key Al-Futtaim officials; Mr. Omar Al Futtaim, Group Vice Chairman, Mr. Robert Willet, Group CEO, as well as Mr. Mile Franicevic, Group Director, Retail, marked another huge retail deal, for Festival Centre, which is already set to host international brand giants such as Carrefour, White House, Intersport, Toys R Us and Plug-ins and Renaissance Cinema.
Spanning over 32,000 square meters, IKEA will stand as one of Festival Centre's flagship stores. With a full range of house hold furnishings over 2 floors, the store will focus on flat packed furnishings, which require self-assembly, allowing IKEA to offer more reasonable consumer prices. Accommodating to their large consumer base, IKEA will offer 3 levels of car parking space, a dedicated customized children's play area as well as their trade mark IKEA restaurant, giving Egyptians a taste of traditional Swedish delicacies.
Commenting on the importance of IKEA choosing to open in New Cairo, Philip Evans, AFGRE's Director Commercial and Retail Leasing said "IKEA's store in Festival Centre, will be essential in catering not only to the needs of Cairo Festival City's residents, but also the large residential communities surrounding the development. The primary and secondary trade areas already have a community of more than 5.4 million residents, a number which is expected to increase to 7.1 million by 2020."
Elaborating on IKEA's do it yourself (DIY) philosophy, Mr. Mile Franicevic, Al Futtaim's Group Director of Retail said "IKEA's decision to break into the Egyptian market was largely based on the high demand for modern home furnishings that can be bought at affordable prices. With youth making up almost a quarter of the Egyptian population, and 600,000 couples getting married every year, IKEA's flat pack do it yourself concept allows us to offer prices that young married couples, starting out in life can afford."
With more than 300 stores spread across 37 countries, the Swedish giant is one of the world's most popular modern furnishing stores, employing 350,000 workers across the globe and a growth speed of 1-2 stores per month. IKEA's introduction into the Egyptian market comes at a crucial time, and it is expected that the company's entrance into the market will be the first of many steps taken by the retail industry to address the growing needs of the middle class. IKEA currently has a 10 year lease contract which can be renewed for another 10 years, and will provide all the essentials for household furnishing, under one roof.
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