The Union of Middle Eastern Shopping Centers allowed the opening of an Arabic analogue of IKEA Home Box in Russia

The Arab chain Home Box with analogues of IKEA products may open its first store in Russia before the end of 2023. This was announced by the vice-president of the Union of shopping centers in the Middle East Kamel Shaban. According to him, negotiations on this issue have already begun.

“Currently, the company is actively negotiating with investors and shopping centers in Russia, which have already expressed interest in opening the Home Box. The first store may open in Moscow before the end of this year,” said Mr. Shaban “RIA News”.

The President of the Union of Middle Eastern Shopping Centers said that Home Box is considering opening up to 20 stores in Russian cities with a million population in the next five years. Investments in the opening of one of them, Kamel Shaban specified, will amount to $2.5 million. It is planned to supply goods from factories in China and Asian countries, and later from factories in Russia. The pricing policy will remain at the level of IKEA.

Home Box, part of the Arab retail and hospitality conglomerate Landmark Group, specializes in the sale of furniture and home goods. It was launched in the UAE in 2013. To date, the network consists of 42 stores in seven countries, most of all in the UAE, Saudi Arabia, Bahrain and Qatar.

Swedish company IKEA announced about leaving the Russian market in June 2022. The local assets of the company were put up for sale. In February 2023, the Union of Shopping Centers of Russia concluded a cooperation agreement with the Belarusian company Swed House, which sells IKEA analogues. The first Swed House store in Russia was open in Moscow on April 15.

More details – in the publication “Kommersant” “Swed House Dots”.

Lusine Balasyan