Ikea to open first South American stores

Ikea aims to open at least nine stores in Chile, Colombia and Peru in the next decade along with online sales channels for the three nations. (AFP)
Updated 18 May 2018

Ikea to open first South American stores

STOCKHOLM: Sweden’s Ikea, which revolutionized affordable furnishing for households, is to expand its flat pack offers to South America for the first time.
The group announced on Thursday that it aims to open at least nine stores in Chile, Colombia and Peru in the next decade along with online sales channels for the three nations.
Inter Ikea Group’s chief executive Torbjorn Loof said in a statement that partnering with the Chilean department store and retail company Falabella “will give us the speed we need to be more accessible to the many.”
The two companies on Thursday signed an agreement which secured Ikea franchise rights in all three countries.
The Swedish giant is also exploring expansion opportunities in Mexico where it opened an office in April 2017.
Founded in 1943, the brand currently operates 418 stores in 49 markets.
Listed on the Santiago Stock Exchange, Falabella operates 494 stores, 42 shopping centers and employs more than 100,000 people in Chile, Peru, Colombia, Argentina, Uruguay, Brazil and Mexico.


Philippine jobless rate hits record 17.7% in April due to pandemic

Updated 05 June 2020

Philippine jobless rate hits record 17.7% in April due to pandemic

  • The Philippines is facing its biggest economic contraction in more than three decades
  • April’s 17.7 percent unemployment rate equivalent to 7.3 million people without jobs

MANILA: The Philippines’ unemployment rate surged to a record 17.7 percent in April, the statistics agency said on Friday, as millions lost their jobs due to a pandemic-induced lockdown that battered the economy.
The Philippines, which before the pandemic was one of Asia’s fastest growing economies, is facing its biggest contraction in more than three decades after the new coronavirus shuttered businesses and crushed domestic demand.
April’s unemployment rate, which is 7.3 million people without jobs, compares with 5.3 percent in January and 5.1 percent in April last year.
“We should not lose sight of the fact that this loss in employment is really temporary,” Economic Planning Undersecretary Rosemarie Edillon said in an online news conference.
The lockdown in the capital, Manila, which was one of the world’s longest and strictest, was relaxed as of June 1 to allow much-needed business activity to resume and soften the economic blow of the coronavirus, which has infected more than 20,000 in the country.