Operator of Vilnius' Ikea store considers expanding to Estonia (2)
The operator of Ikea's Vilnius location is considering opening additional locations in Latvia and Estonia as sales growth at the store in Lithuania's capital city is healthy enough to allow for another store in the market.
Felit, the operator of the Ikea store in Vilnius, is considering opening stores in latvia and Estonia as sales growth in Lithuania shows that there is enough room in the market for a second Ikea store, Lithuanian business daily Verslo Žinios reported on Tuesday.
"For example, there are three Ikea stores in Moscow and all of them are doing well," Marius Martinaitis, CEO of Vilnius' Ikea store, told the paper. "If a fourth store were opened, none of the existing ones would feel that. In our case, it is difficult to forecast how the Vilnius store's revenue would change if another store were opened, but I believe that it would continue to grow."
According to Martinaitis, the company expects to see stronger revenue growth in its third fiscal year, due in part to the opening of an order and pick-up point in Klaipėda last October.
The Ikea store in Vilnius was opened in August 2013. In 2011, the company announced it plans to open stores in Latvia and Estonia as well.