Swedish furniture retailer Ikea said it is firming up plans to enter the Philippine market which has a growing middle-class sector.
Ikea Southeast Asia sustainability and communication director Lars Svensson said the Swedish retailer was finalizing a few details before it could publicly announce the definite plan for the Philippines.
“We will come here. We have representatives sitting here. The [market] is ripe for any players looking at the Philippines. If it is ripe for them, then it should be ripe for us,” Svensson said Wednesday at the sidelines of a forum hosted by the Embassy of Sweden in Makati City.
Svensson said, however, Ikea would not want to “fuel anything that may contribute to controversies or rumors” of its expansion to the Philippines.
Svensson did not name its Filipino partner for the expansion, although there were reports it was tying up with the SM Group.
“When it is confirmed then it will be announced. We never say anything unless it has been confirmed, otherwise it will only lead to more controversies. We are ensuring that when we go out, it’s a fact and something that will have a strong impact,” he said.
A local retailer said the Philippines would be a part of the second wave of expansion of the Swedish brand. There were reports that prospective partners were still working out how they could apply Ikea’s model in the local retail sector.
Ikea first expressed interest to launch the brand in the country in 2017.
The brand now has a strong presence in Asia Pacific including Australia, China, Hong Kong, Indonesia, India, Japan, Malaysia, Singapore, South Korea, Taiwan and Thailand.
It also has several outlets in Europe, North America, Middle East, North Africa and the Caribbean.
The Swedish Embassy sponsored a forum on corporate social responsibility in the Philippines.