Ikea opens the world's largest store in Manila, Philippines, with an area of 67800 square meters.

Ikea has opened the world's largest store with an area of 730000 square feet (67819 square meters) in Manila, the capital of the Philippines, as a cornerstone of its expansion plans in Asia, according to media reports.

It is understood that Georg Platzer, manager of the Ikea store in Manila, said that the opening of the Ikea store in Manila was originally planned to open in 2020, but it has been delayed due to the impact of the epidemic. At present, Ikea still adheres to epidemic prevention measures, and customers entering the store must wear masks and keep their distance.

Ikea currently has more than 460 brick-and-mortar stores in about 60 markets and plans to add nearly 60 more this fiscal year. In addition, Ikea will enter South America next spring to open a store in Santiago, Chile.

In addition, Ikea Chief Financial Officer Martin Van Damme recently revealed that due to rising raw material costs and supply chain crisis, Ikea plans to raise commodity prices in 2022 to offset the rise in transportation costs and raw material prices caused by the supply chain crisis.

Ikea said that this is the first price increase since the outbreak, and the exact amount of the increase has not yet been decided, and not necessarily all commodity prices will rise. The final retail price after the price increase will be determined by the retailers of IKEA's global outlets.