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Ikea Singapore will open the first Southeast Asian “small store” concept at the Jem Mall in the west of the city.
Today’s announcement follows news from last week that local Robinsons department store was vacating the space. The anchor shift is a perfect example of how consumer shopping preferences, and thus the balance of mall holdings, are reshaping the modern retail market.
The new Ikea Singapore store will open next year, occupying some 6,500 square meters on three floors in Jem, which is managed by Lendlease. It will be the third store of the Swedish furniture and home decor chain in the city.
“This store will bring us closer to millions of customers,” said Jaap Doornbos, Ikea’s retail director for Singapore and Vietnam. “This will be the first time we have established a smaller Ikea store format as a tenant within a shopping center in this region.”
The concept of “small store” is still relatively new worldwide. Unlike the giant independent stores Ikea is known for, with its winding road design, the Jem store will combine the full range of Ikea products in one department. It won’t have a playground, but it will include an Ikea restaurant serving Swedish meatballs and fried chicken wings, among other items.
“We see a bright future for our store in Jem,” said Sebastian Hylving, director of property and expansion for Ikea, Southeast Asia and Mexico.
“Jem is one of the four shopping malls connected to the Jurong Gateway, linked to public transportation. At Jem, Lendlease has curated a combination of great F&B offerings with fashion, groceries and entertainment to create a daily meeting place for many people. ”
Hylving says Ikea’s two large stores, located in Tampines and Alexandra, attract nearly 7 million visits each year.
Ikea is reaping the benefits of renewed consumer interest in making homes more comfortable during the Covid-19 era, and the need for furniture and supplies needed to work from home.
Ng Hsueh Ling, chief investment officer for Lendlease Singapore and chief investment officer for Asia, said the company hoped to bring a market-first lifestyle concept to its mall.
“We continually rejuvenate our leasing mix and bring new experiences to them.”
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