IKEA to construct Mega Mall in Nizhny Novgorod

IKEA operates 186 furniture stores in 31 countries. Company’s turnover in 2003 totaled 11.3 billion euro. In Russia IKEA is present with 4 stores, with two of them located in Moscow suburbs, one - in Leningradsky Region and one - in Kazan. IKEA also owns MEGA Mall shopping center located near its furniture store in Moscow Tyoply Stan.

The second Mega Mall complex in Moscow with the area of 250,000 sq. meters is scheduled to open within the two coming months.

During the next 10 years Ikea is planning to open 20-22 more shops in Russia. Now the company is in search of land lots for its shops in 11 Russian cities including Ekaterinburg, Novosibirsk, Rostov-on-Don, Samara and Ufa.

IKEA is set to construct Mega Mall shopping and entertainment centre in Nizhny Novgorod. The complex with the total area of 113,000 sq. meters is to become the largest in the region. Mega Mall in Nizhny Novgorod will be the second such IKEA project in the Russian regions. The first is to open in Kazan by the end of 2005, Vedomosty newspaper reports.

The land lot for the Mega Mall in Kstovsky region was bought from the regional administration last summer. It covers 38 ha. Construction of the centre is scheduled to begin in the end of 2004. Ikea will have 24,000 sq. meters in the new centre. 10, 000 sq. meters will be occupied by hypermarket, and 62,000 sq. meters are to be leased to electronics, clothes, cosmetics retail operators as well as to the restaurants of all kinds. Among potential tenants of the complex is M-Video electronics retail chain. Some analysts also mention that one of the future tenants may become some big international company. 18, 000 sq. meters in the centre will be given to technical areas. The centre is to be provided with the parking lot for 7,700 vehicles.

The exact amount of investments by Ikea into the new complex is yet unknown. Still according to some experts it can reach $100 million while Moscow Mega Mall was worth $250-300 million, newspaper informs.

IKEA operates 186 furniture stores in 31 countries. Company’s turnover in 2003 totaled 11.3 billion euro. In Russia IKEA is present with 4 stores, with two of them located in Moscow suburbs, one - in Leningradsky Region and one - in Kazan. IKEA also owns MEGA Mall shopping center located near its furniture store in Moscow Tyoply Stan.

The second Mega Mall complex in Moscow with the area of 250,000 sq. meters is scheduled to open within the two coming months.

During the next 10 years Ikea is planning to open 20-22 more shops in Russia. Now the company is in search of land lots for its shops in 11 Russian cities including Ekaterinburg, Novosibirsk, Rostov-on-Don, Samara and Ufa.

IKEA is set to construct Mega Mall shopping and entertainment centre in Nizhny Novgorod. The complex with the total area of 113,000 sq. meters is to become the largest in the region. Mega Mall in Nizhny Novgorod will be the second such IKEA project in the Russian regions. The first is to open in Kazan by the end of 2005, Vedomosty newspaper reports.

The land lot for the Mega Mall in Kstovsky region was bought from the regional administration last summer. It covers 38 ha. Construction of the centre is scheduled to begin in the end of 2004. Ikea will have 24,000 sq. meters in the new centre. 10, 000 sq. meters will be occupied by hypermarket, and 62,000 sq. meters are to be leased to electronics, clothes, cosmetics retail operators as well as to the restaurants of all kinds. Among potential tenants of the complex is M-Video electronics retail chain. Some analysts also mention that one of the future tenants may become some big international company. 18, 000 sq. meters in the centre will be given to technical areas. The centre is to be provided with the parking lot for 7,700 vehicles.

The exact amount of investments by Ikea into the new complex is yet unknown. Still according to some experts it can reach $100 million while Moscow Mega Mall was worth $250-300 million, newspaper informs.