IKEA Centres Russia, the shopping centre arm of Swedish group IKEA, has unveiled plans to invest up to €2 bn in the development of shopping centres in Russia over the next five to seven years.

IKEA Centres Russia, the shopping centre arm of Swedish group IKEA, has unveiled plans to invest up to €2 bn in the development of shopping centres in Russia over the next five to seven years.

The company, which this year took part in EXPO REAL for the first time, is targeting up to 10 new centres in the country, adding to its existing portfolio of 14 Mega schemes covering 1 million m2. The company opened its first Russian Mega mall in 2002.

'In principle we are targeting all the cities with over one million inhabitants,' commented Armin Michaely, general director of IKEA Centres Russia. The biggest challenge, he continued, will be identifying and securing the land plots, which will need to be 'massive, suitable for traffic and close to the city centres'.

The company has just presented at EXPO REAL its new major project, the flagship Mega Mytischi shopping centre in Moscow. Representing an investment of some €500 mln, the scheme is expected to offer 230,000 m2 of retail space on completion planned for 2018.

IKEA Centres Russia already owns three other malls near Moscow.