MOROCCO – Swedish furniture giant IKEA is set to expand its presence in Morocco with the opening of a new outlet in Tetouan, Northern Morocco
According to a report by Morocco World News, construction on the site has already begun and the outlet is expected to open its doors in 2021.
The store is expected to occupy a physical space extending over four hectares and is believed to be a Tanger Med group initiative.
If opened, the store will open a number of job opportunities in the region and will also help the firm expand operations as well as attract more customers.
To date, IKEA has only one store in Morocco which opened its doors in March 2016. The store is in Ain Harrouda, Cassablanca.
Morocco had initially blocked the opening of the first IKEA store in the country because the location did not acquire a “certificate of conformity” from the community and local law enforcement.
The block was only lifted after Sweden released a statement recognizing Morocco’s sovereignty over the Saharawi region.
IKEA designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, among other useful goods and occasionally home services.
Founded in Sweden in 1943 by 17-year-old Ingvar Kamprad, IKEA has been the world’s largest furniture retailer since 2008.
The company is known for its modernist designs for various types of appliances and furniture, and its interior design work is often associated with an eco-friendly simplicity.
In addition, the firm is known for its attention to cost control, operational details, and continuous product development that allowed IKEA to lower its prices by an average of two to three percent.
According to the Bloomberg Billionaires Index, as of January 2018, Kamprad was the eighth richest person in the world, with an estimated net worth of US$58.7 billion.
The company’s name is an acronym that consists of the founder’s initials (Ingvar Kamprad) plus those of Elmtaryd, the family farm where he was born, and the nearby village Agunnaryd (his hometown in Småland, southern Sweden).