SM Prime Holdings, Incorporated, has recently made some new announcements regarding their forthcoming IKEA store.
The publicly listed property juggernaut that the Sy family owns confirmed that IKEA has issued a statement.
It would open the furniture shop in 2021, instead of its original opening date, which is by the end of 2020, SM Prime Holdings said.
IKEA relayed that construction adjustments have made it unlikely for them to open the store for business on the initial opening date.
Hence, the furniture and homewares chain has confirmed the postponement of the much-anticipated event.
In 1943, IKEA started to operate in Sweden. It became very famous. Moreover, it garnered the label as the largest furniture shop in the world.
IKEA possesses 433 stores. As of the end of June last year, these shops serve customers living in 52 territories around the globe.
SM Prime Holdings has confirmed that their customers can shop at their upcoming IKEA store at the SM Mall of Asia Complex.
Investors learned through a presentation that the shop would be in Pasay City.
SM Prime Holdings affirmed that the new furniture store would be the first-ever IKEA in the Philippines.
Moreover, the company said that it would be the largest IKEA branch in the world, as per the report of Philippine daily newspaper The Philippine Star.
SM Prime Holdings cited that the new shopping center would occupy 157,000 square meters of gross floor area.
Besides, the IKEA store will house an integrated call center and a two-level store area.
The impending furniture shop will comprise an e-Commerce facility and a massive warehouse as well.
These facilities highlight its status as the world’s biggest branch of the world-famous homeware and furniture chain.
The construction of IKEA in the Mall of Asia Complex is a component of the continuous enhancement of the Bay Area.
It is consistent with the SM Investments Corporation’s target over a decade ago when it opened the SM Mall of Asia.
For this year, SM Prime Holdings will reportedly spend an average of 80 billion to back its land-banking and growth in the provinces.
Moreover, the company will finance the capital expenditures program through a mix of internal financing and domestic borrowings.
On Friday, March 6, 2020, SM Prime Holdings, Incorporated (PSE: SMPH) closed at P38.55 per share.
From its previous close on Thursday, this last trade price of the company’s stock is down by P0.95 or 2.41 percent.
Moreover, the total value turnover indicated the amount of P304,338,055.00.
The 52-week high of the company is at P43.35. Meanwhile, its 52-week low is at P34.00, according to the figures from the Philippine Stock Exchange.
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