Ikea plans to expand to about a dozen new markets in the coming years, including branching into South America, as the Swedish furniture giant aims to reach 3-billion potential customers by 2025. The company will open stores in Chile, Colombia and Peru through a new Ikea franchisee, Falabella, as part of its first foray into South America, Inter Ikea said on Wednesday. Inter Ikea, which owns the Ikea concept and is the worldwide franchisor, said it plans to start selling its products in Mexico, Estonia, Ukraine, Puerto Rico, Oman, Luxembourg, the Philippines and Macau.

"By 2025, we have the potential to reach and interact with 3-billion people," Inter Ikea CEO Torbjorn Loof said. "We will offer new and different ways to shop the Ikea product range — online, in remote locations and in city centres. We will introduce smaller store formats and offer a wide range of flexible and affordable services." Ikea is shifting resources towards emerging markets and alternative shopping exper...

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