Officials from Stockholm-based IKEA reportedly were scouting locations around San Juan on the island of Puerto Rico this week , according to a report in a Spanish-language newspaper.
CarribeanBusinessPR.com cited the newspaper as reporting that the world’s largest furniture maker is in talks with Puerto Rico’s Economic Development & Commerce Department on an initial plan to set up a central warehouse and as many as three stores.
IKEA aims to open operations in Puerto Rico by the end of the year, according to CarribeanBusinessPR.com.
IKEA has come a long way from its start in the Smaland region in southern Sweden. It employs 131,000 people in 41 countries and its 287 stores drew in 655 million customers last year.
In the past decade, the company expanded into emerging markets like Russia and China, although 79 percent of its sales are still generated in Europe. It is also eyeing South Korea and India, CEO Mikael Ohlsson told the Associated Press in a recent interview.
IKEA reported a 10.3 percent jump in net profit to $3.81 billion for the year ended Aug. 31, even though it cut prices by 2.6 percent. Revenue rose 6.9 percent in the same period.